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Read Also: How A 29-Year Old Singaporean Investor Turned A Few Thousand Dollars Into A Million Dollar Portfolio And A Successful Business In 6 Years<\/a><\/em><\/strong><\/p>\n\n\n\n It was also around this time that many other cryptocurrencies were being formulated, and the cryptocurrency world itself was also gaining more mainstream attention. Learning about new up and coming crypto projects, he \u201cstarted putting serious money into different projects. On average, they made about 5 times returns. The good once could make 20x or 30x returns.\u201d <\/p>\n\n\n\n Besides tasting early success on his trades, QY was quickly burning out in his coding day job. Working at a small fintech firm, his team of 3 coders were working at breakneck speeds and with extremely tight deadlines. It was not sustainable for him, especially since he was also very passionate about his new interest in cryptocurrencies. He decided that he could carve a career in the crypto world.<\/p>\n\n\n\n As QY puts in, \u201cit would be easier to just be a cryptocurrency trader\u201d. However, he felt there was great barriers in the cryptocurrency ecosystem for both new and also experienced traders. For example, when he tried to \u201cput $100,000 into cryptos, it was so difficult. And it would take months to enter. And I just thought why does it have to be this way\u201d.<\/p>\n\n\n\n \u201cAnother problem was when I want to buy Bitcoin. After reading my charts, I wanted to buy at $3,000 for example. I had to literally wait 8 hours just to do that. There wasn\u2019t a limit order, so I just had to wait for that price and click the BUY button. I thought this was a nightmare\u201d.<\/p>\n\n\n\n With his background as a coder, QY thought he \u201ccould definitely deliver a better experience\u201d for trades and investors in Singapore. <\/p>\n\n\n\n In late 2017, QY began working on a crypto exchange. \u201cIn 3 months, in early January 2018, we rolled out our first beta website with our first 100 users\u201d. At this point, there were only 2 digital currencies available \u2013 Bitcoin and Ether.<\/p>\n\n\n\n QY says he was only able to because he was working with great partners. In addition to Tokenize Xchange\u2019s pioneering team that funded the company, QY had \u201cfriends who were Angel Investors within the payment gateway sector. They put in the first $100,000 we raised to push through the first 3 months.\u201d<\/p>\n\n\n\n \u201cWithin another 3 months, we grew to a 1,000 users. And in another 3 months, we launched our own coin and raised US$12 million fund raising in Ether.\u201d This set Tokenize Xchange on the expansion path. \u201cToday, we are in Malaysia, Thailand, Indonesia, and Vietnam.\u201d In majority of its markets, Tokenize Xchange either has a licence or is part of a shortlist of firms awaiting their relevant licences.<\/p>\n\n\n\n By the end of its first year, Tokenize Xchange had more than 40 coins listed on its platform.<\/p>\n\n\n\n Read Also: From Being $70k in Debt to Building Singapore\u2019s No.1 Online Renovation Media Portal, The Story of James Soh, Founder Of Renopedia<\/a><\/em><\/strong><\/p>\n\n\n\n QY didn\u2019t just have a vision to start a crypto exchange, he also had the skills. His trading background was also instrumental to designing how a crypto exchange should look like for users.<\/p>\n\n\n\n In our chat, he shared that he was part of the first engineering team to code features into the platform. One of his pet features (which I believe is because of his experience waiting 8 hours for his early trade into Bitcoin) was the Order Book feature.<\/p>\n\n\n\n Besides its crypto exchange, Tokenize Xchange was also rapidly growing his operational capabilities. QY travelled to Vietnam to start building his engineering team. Now, the region has become a key cog in Tokenize Xchange\u2019s engineering solutions. This has set it apart within its markets \u2013 enabling local currency purchases. <\/p>\n\n\n\n Tokenize Xchange was also one of the first platforms to offer Order Book Exchange. \u201cSo, most of the platforms work like a money changer \u2013 there is a buying price and a selling price. You can\u2019t queue at the price that you want\u201d. Tokenize Xchange allows its investors and traders to queue their orders to execute.<\/p>\n\n\n\n Another aspect of its success is that QY takes great pride to ensuring high levels of security and compliance. As part of its KYC process from day 1, \u201cwhen users onboard with us, they need to upload banking accounts or stockbroking accounts, with passport and proof of address as a minimum standard\u201d.<\/p>\n\n\n\n This limited its user growth, but it played a key role in getting licences and adding to its credibility.<\/p>\n\n\n\n Read Also: Building Singapore\u2019s Metaverse: Winston Ng, Founder of Finute, Makes Learning Fun With Virtual Experiences<\/a><\/em><\/strong><\/p>\n\n\n\n Many of us would recognise that cryptocurrencies are hugely volatile. For example, Bitcoin has risen more than 75% from US$38,000 to a high of US$68,000, then crashed about 70% from there to about US$23,000 today. Other cryptocurrencies have simply gone bust (such as the recent Luna saga).<\/p>\n\n\n\n Similarly, crypto businesses have to ride the ups and down of the industry they operate in. While there have been many positive milestones for QY and Tokenize Xchange, QY says that the lowest points are what he remembers.<\/p>\n\n\n\n He shared that in the infancy of the business, Tokenize Xchange only had about a one-month runway for its cashflow despite only having 4 employees at the time. \u201cWe were running out of cash. While we were very confident of funding from our ICO (Initial Coin Offering) coming in very soon, we had to be transparent that we were not able to make payroll on time in one of the following month. We informed all the employees, and unfortunately our first employee was in a bad financial situation, and had to leave us in the first 3 months.\u201d<\/p>\n\n\n\n \u201cOur ICO did go through the following month, and we secured the US$12 million\u201d. That was when QY went on a hiring spree to grow the business and expand its regional presence.<\/p>\n\n\n\n Another story QY shared was that at the end of 2018, cryptocurrency markets took a dive. \u201cWhen we started, Bitcoin was US$20,000 and by the end it was near US$3,000.\u201d The euphoria from their ICO and hiring spree had all but vanished. Tokenize Xchange\u2019s revenue had dipped 90% from its first year. In order to sustain itself, QY said that they had to take the painful decision to downsize now.<\/p>\n\n\n\n It was not just Tokenize Xchange reeling from the hurt. QY mentions that he saw many individuals who came into the crypto space in 2017 and 2018, leaving in early 2019. \u201cWe saw one of the biggest Over-the-Counter trading firms, which had several hundred million in revenue the previous year, closing shop in 2019\u201d. \u201cThe crypto space looked like a devastated world, and even our employees were questioning if the crypto industry could survive\u201d.<\/p>\n\n\n\n Then came COVID-19. \u201cWe were in survival mode.\u201d QY sighed \u201cReally don\u2019t know what to do\u201d. In a stroke of luck, QY sponsored a virtual summit. Many investors and traders came to know Tokenize Xchange through that summit \u2013 which helped it ride the market upturn just less than a year later.<\/p>\n\n\n\n \u201cLittle did we know, Bitcoin would recover to US$20,000. Shortly after, it rocketed to over US$65,000\u201d.<\/p>\n\n\n\nWhy He Needed To Start His Own Cryptocurrency Exchange \u2013 Tokenize Xchange<\/strong><\/h3>\n\n\n\n
Raising US$12 Million To Launch Tokenize Xchange<\/strong><\/h3>\n\n\n\n
Paying Equal Attention To Its Customer Service And Security<\/strong><\/h3>\n\n\n\n
Riding The Ups And Downs Of Starting A Crypto Business<\/strong><\/h3>\n\n\n\n