Malaysian investors have somehow been elusive and perhaps skeptical when it comes to cryptocurrencies. This could possibly be because of the lack of support and recognition from the related agencies. A recent announcement by a major financial firm in Malaysia might pave the way and change all that.
Turning to the crypto market
This came from Kenanga Investment Bank Berhad, who in February 2021 announced that it is moving into the cryptocurrency market. The announcement by Kenanga, which is one of the largest financial services companies in the country stated that it has acquired a 19% stake in Tokenize Technology, one of the 3 authorized DAX (Digital Asset Exchange) in Malaysia. This will be done through Kenanga Private Equity, the equity arm of the group.
Good potential and possible returns
Tokenize Technology is the company that operates Tokenize Xchange which facilitates the trading of cryptocurrencies like Bitcoin and Ethereum. It is currently the second-largest DAX and Kenanga is confident that the move will provide more products and services for its customers. The idea behind this move is not only in Bitcoin but other cryptocurrencies too. Investing in Tokenize will give Kenanga the access and to be ready when digital assets become big in the future.