November 6, 2023
5 min read
Centralized cryptocurrency exchanges have long dominated the crypto market. Today we are going to take a look at a new contender in this category - Tokenize Xchange - along with their very own unique token - TKX. What's the story behind Tokenize Xchange? Keep reading to find out its origins, features, and potential competition in the crypto market.
Tokenize Xchange is a centralized digital assets exchange located in Singapore. It aims to provide users with easy access to both established and emerging digital currencies while supporting fiat-crypto, crypto-crypto, and ICO pairings.
Tokenize Xchange has its own ERC-20 token: TKX, also known as Tokenize Emblem. It is primarily used by Tokenize Xchange users to cover the membership fees, and transaction fees, as well as to participate in the platform's Crypto Earn and Dual Earn programs.
Tokenize Xchange is a cryptocurrency exchange based in Malaysia that was founded in 2018 by Hong Qi Yu. Originally, Yu bought Ether to code smart contracts but ended up starting an exchange platform. The exchange offers holders various benefits such as rebates from trading fees and the opportunity to participate in the governance process of the exchange.
The platform claims to provide a safe and secure environment for the preservation of digital assets. It offers both crypto-to-crypto and crypto-to-fiat pairings, making it a convenient one-stop shop for investors seeking access to a wide range of cryptocurrencies. Tokenize Xchange has partnered with BitGo, a well-known custody service provider, to offer its clients the safest custody solution possible.
Tokenize platform has received authorization from the Securities Commission of Malaysia to function as a licensed exchange operator. The company is also in the process of seeking a license in Singapore. The exchange has the potential to be a valuable tool for both traders and consumers due to its many advantages and upcoming developments, such as enhanced functionality for the hybrid wallet mechanism and seamless onboarding and offboarding via bank transfer. At the moment, the platform offers trading in SC approved currencies: Bitcoin, Ethereum, Litecoin, and Ripple.
Tokenize Malaysia is also worth mentioning. This platform acts as a local digital asset exchange on Malaysian market, allowing users to transfer MYR funds directly from their local bank account. Other benefits of Tokenize Malaysia include institutional grade security and helpful support.
For more detailed information about Tokenize Xchange, users can refer to its whitepaper.
As mentioned above, TKX is an ERC-20 token. These tokens exist on the Ethereum blockchain and adhere to a set of standardized rules or protocols known as the ERC-20 standard, making them compatible with any application or platform that supports this standard. These tokens are created using smart contracts, which are self-executing contracts with the terms of the agreement directly written into code.
Tokenize Xchange (TKX) cannot be mined. While TKX tokens are ERC20 tokens on the Ethereum network, mining them is not an option. Some websites may falsely claim that users can mine TKX on their platform, but it is important for individuals to recognize that this information is not trustworthy.
However, TKX token holders have the opportunity to stake their tokens on the Tokenize Xchange platform and receive extra rewards. You can also get TKX by participating in the platform's Affiliate and Referral Programs.
Tokenize Xchange is not the only exchange platform that has its own token, far from it. There is obviously Binance with its BNB, Crypto.com has CRO and KuCoin has the KCS.
While TKX has seen significant growth since its launch, it's still not even close to coins like BNB when it comes to market cap. Other coins, like KCS and CRO are also much higher than TKX in terms of market cap, trading volume, etc.
It's important to keep in mind, however, that Binance, Crypto.com, and KuCoin are all well-established exchange platforms. A coin's performance is usually directly tied to how successful the platform is. If Tokenize Xchange keeps growing, offering more and more exciting features to its users and opening up to new markets, it won't be long until it is able to properly compete with the big players in the industry.
Most centralized cryptocurrency exchanges offer the option to purchase Tokenize Xchange (TKX). Binance, Crypto.com, and finally Tokenize Xchange itself are all good options. There aren't that many options outside of centralized exchanges at the moment, but it might change eventually, as the coin's popularity and price grows.
Since TKX is an ERC-20 token, the options for storage are truly plentiful. Most wallets (regardless of whether it's a cold wallet, hot wallet, etc) offer support for these tokens. Atomic Wallet is no exception! Atomic Wallet supports all ERC-20 tokens, even if some of them are not enabled by default.
Other popular options include Trust Wallet, Metamask, and others.
At the time of writing this article (07.07.2023), the price sits at $5.87.
Over the last 24 hours, the trading volume for Tokenize Xchange was $8,305,100.
The TKX all-time high of $22.30 was reached on October 31, 2022.
At the time of writing this article (07.07.2023), the circulating supply of Tokenize Xchange is 79,995,999 TKX.
The max supply of Tokenize Xchange is 100,000,000 TKX.
1inch is a decentralized exchange aggregator that finds the best prices across multiple platforms for cryptocurrency trades.
IDOs are a fundraising method in the blockchain space, allowing startups to launch tokens on decentralized exchanges.