Tokenize Malaysia, a Malaysia-based cryptocurrency / digital asset exchange (DAX) regulated by the Securities Commission of Malaysia and backed by Kenanga Investment Bank, said Wednesday that Securities Commission has given approval to the firm to trade digital assets Solana (SOL), UNISWAP (UNI) and Bitcoin Cash (BCH) on its platform.
Tokenize Malaysia said in a statement that the firm becomes the first exchange to offer investors Solana legally in the country.
According to the statement, this is a continuous effort of Tokenize Malaysia to expand the variety of digital assets to meet the market’s demand and stay competitive.
Being a local regulated exchange, Tokenize conducts thorough research and analysis on the suitability and sustainability of a token when submitting the application to the Securities Commission (SC) for approval according to the guidelines and requirements.
This helps ensure only the coins from trustworthy projects are listed to help investors mitigate risks.
Solana is a high-performance blockchain supporting builders around the world creating crypto apps that scale today.
It is best known as a competitor to ethereum, the second largest blockchain project by market capitalisation.
Solana is a blockchain protocol out on a mission to push the DeFi ecosystem into mainstream use.
At the time of writing, SOL is currently valued at MYR150.70 ($33.29) a unit (minimum purchase approximately MYR1.60 [$0.35]).
Uniswap is a cryptocurrency exchange that works on a decentralised network protocol based on ethereum.
Its protocol facilitates automated transactions between crypto tokens on the ethereum blockchain using smart contracts.
At the time of writing, one UNI unit is currently valued at MYR27.45 ($6.06) (minimum purchase less than MYR1 [$0.22]).
Meanwhile, Bitcoin cash and Bitcoin share many similarities albeit with one fundamental difference: Bitcoin Cash is a proof of work blockchain that is faster and cheaper to use than bitcoin.
The idea of Bitcoin Cash came to be in 2017 as a solution to bitcoin’s transaction speed issues.
The technical difference between the two comes down to the size of blocks in the blockchain.
At the time of writing, BCH is currently valued at MYR544.37 ($120.25) a unit (minimum purchase approximately MYR5.44 [$1.2]).
Tokenize Malaysia said it aims to spearhead the promotion of education and awareness on the understanding of cryptocurrencies among local investors.
According to the statement, Tokenize Malaysia users can buy, sell and store the three coins on its mobile app and website starting September 14, alongside its existing cryptocurrency offerings.
Generally, there is a positive outlook for more tokens as digital asset investment gains popularity, as well as the curiosity and gradual adoption of the public in the non fungible token (NFT), DeFi and GameFi fields.
The expansion of digital asset offerings also allows customers to better spread their investment risks and build better investment portfolios.
The addition of more coins on Tokenize Malaysia’s exchange will help benefit investors and support the development of the local digital assets market in Malaysia.