When discussing the topic of cryptocurrency, many opinions are thrown out to the front. Some say it is a fad that will simmer down, while others believe it will revolutionise our relationship with money. Whichever the case, the authorities are definitely keeping an eye on the developments of this nascent market and ensuring that its citizens’ interests are taken care of first before granting more leniency to new players.
To pursue this venture full-time, Qi Yu quit his day job and pooled funds of around S$120,000 from his friends and other angel investors to start Tokenize Xchange. While the idea was the brainchild of Qi Yu and his friends, he did not expect to be wearing multiple hats. “Aside from being the technical person, I had to be the CEO and ensure that operations are conducted smoothly especially since Tokenize Xchange is a new company.
Being headquartered in Singapore has also provided Tokenize Xchange with the home ground advantage of waiting for the regulators’ approval. This luxury of time is not conferred to foreign entities as the cost of maintaining operations is costly and these resources could be used more efficiently elsewhere. The curtailing of direct advertising also means only a niche group of people is in the know but obviously, the goal is to have as many on board as possible.
In a similar vein, NFTs have had a terrible start to the year and reports have shown its value plummeted by more than 50 per cent. But Qi Yu, is not fazed by how the market is behaving as he sees the “crypto winter” as a part of any business cycle where there will be periods of time where it corrects itself. The company is in a strong position, Qi Yu shares, and it is in the midst of closing Series A funding while looking to raise US$300 million in Series B.