An early start in crypto and become a millionaire by 31st: CEO of Tokenize Xchange

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A “crypto bull” is not your usual animal. It arrives without warning and slips from your clutches before you’ve finished uttering the word “cryptocurrency”.

Crypto is often viewed as an unpredictable industry, as evidenced by the way exciting news has circulated across this spectrum in recent years.

We also often revere reading stories of people who have been successful with crypto because it gives us a glimpse into a tangible way of life created by something that cannot be seen, felt, or heard.

Today we had the opportunity to speak to Hong Qi Yu, 31, CEO of Singapore crypto exchange Tokenize Xchange, which in many ways actually reflects the normal man on the street.

NTU graduate, worked as engineer and coder

When Qi Yu was 18, he completed an engineering degree in electronics and communication from Singapore Polytechnic. He then continued his studies at Nanyang Technological University to obtain a bachelor’s degree in electrical and electronic engineering.

After graduating, Qi Yu held various engineering and coding positions at Atos, TransPerfect and Bambu for nearly three years.

Hong Qi Yu / Image credit: Bloconomic

His seemingly normal life then changed in 2016, where he was exposed to Ethereum cryptocurrency while he was a coder for a local FinTech company. Since then, life has been a dramatic whirlwind of “rags to riches”.

“I plunged into the crypto rabbit hole… at the time, the digital asset industry was in its infancy. There weren’t a lot of platforms available for me to accept fiat, and the fees were very high, so I founded Tokenize Xchange to allow the mass market to access digital assets without friction.

Image Credit: JustCo

“With a team of crypto and blockchain enthusiasts, we have found a need for a safe and secure platform with competitive fees and an SGD-based order book for digital assets,” he said.

A passionate team a key factor for the success of the company

Qi Yu relies on his team of crypto and blockchain enthusiasts to be the reason his business is where it is today: over 50 listed cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL ) and Polkadot (DOT). The exchange has grown to nearly 200,000 users worldwide in just five years.

In a nutshell, Tokenize Xchange is a centralized exchange platform that uses trusted custodial solutions. It offers fiat-to-crypto and crypto-to-crypto pairings and has both SGD and US dollar (USD) markets. It is currently operating under the Monetary Authority of Singapore exemption under the Payment Services Act.

“In terms of volume and liquidity, I think Tokenize Xchange is one of the top two Singapore dollar (SGD) order book exchanges. I would consider us to be a mid-sized crypto exchange. However, our goal is to become the gateway for digital assets in Southeast Asia. “

Although the company is unable to share the full value of its assets, Qi Yu said that its own TKX crypto token recently reached a market cap of US $ 1 billion – the second token in Singapore to achieve this. goal – suggesting that this is a force to be reckoned with. .

Start a benefit early

The founder admits that the company’s early start in crypto helped it focus on building its products and infrastructure long before others joined in, and this enabled its base to users can access more products at low cost, which is proving to be a selling point for customers. . “This resulted in our user base doubling from 2020 to 2021,” Qi Yu said.

Tokenize Xchange trading page / Image credit: Tokenize Xchange

Like many companies, Tokenize Xchange has also been hit hard by Covid-19. “The inability to organize live events and workshops to educate and engage our users during the pandemic has definitely hampered our outreach efforts,” said Qi Yu.

“However, we mitigate this by running regular webinars and podcasts on topics such as Outlook sessions on crypto and stocks, streaming sessions with Axie Infinity or introductory sessions on Tokenize Xchange, to answer off range of interests of our users. “

Bullish millionaire crypto on Bitcoin

Giving his personal perspective, Qi Yu said he was still “very bullish on Bitcoin for this year and next.” “Hopefully we can see a six-digit Bitcoin by 2022.”

Although Qi Yu has not disclosed his net worth, based on his physical assets, he is most definitely a millionaire. He bought his current condominium as well as his Tesla car, with the crypto money. A condominium typically starts from S $ 1 million while a Tesla car, including tax, typically costs S $ 150,000.

Hong Qi Yu (center) at an event / Image credit: DigitalNewsAsia

Asked about the types of crypto he holds, Qi Yu said, “In my wallet, I mainly hold ETH, DOT, and our TKX exchange token.”

Commenting on the changing crypto landscape as someone who has been in the industry for quite some time, he believes playing the long game will be the way forward for investors.

“Crypto is here to stay, but we will gradually evolve into a regulated crypto landscape as regulators start to get more involved. Investing in cryptocurrency is like investing in tech stocks like Google. and Amazon back when both companies were publicly traded. Personally, I think we are still in an early phase for crypto trading and that may be a long term opportunity, ”he said.

As for her business, it’s not expected to slow down and it’s just getting started. “After going through the bear market in 2018 and 2019, we’ve definitely come a long way. We are currently looking to expand our team and plan to expand into other markets in the region. “

Image Credit Featured: DigitalNewsAsia, Economic Times

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