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Singapore-based Tokenize Xchange has secured an additional US$11.5 million in its series A round from VC firm Trive and high-net-worth individuals (HNWIs).

This boosted its series A funding to US$23 million. The digital asset exchange intends to raise a total of US$33 million by the end of 2024.

The new funds will go towards team growth as Tokenize eyes a 5x increase in its Singapore headcount in the next 18 months. The company plans to hire a significant number of specialists in compliance and operations.