According to recent reports, a very exciting announcement has been made by one of the major financial firms from Malaysia. Kenanga Investment Bank Berhad has announced that it is going to set foot in the cryptocurrency industry.

The Investment Bank has revealed that it will start investing in cryptocurrencies and will be making decent investments in the sector.

The firm made a thrilling announcement regarding its shift on Monday, February 8, 2021. The firm has announced that it has recently signed up a condition agreement with a cryptocurrency exchange based in Malaysia. As per the conditional agreement, the financial firm has acquired a 19% equity stake in the cryptocurrency exchange.

Kenanga Investment Bank Barhad has also confirmed that the cryptocurrency exchange it has formed an agreement with is a regulated one.

The process of acquisition of the equity stake was executed by Kenanga Private Equity, which is Kenanga’s fully-owned private equity arm.

As part of the agreement, Kenanga will be making huge investments in Tokenize Technology. The name of the cryptocurrency exchange that Kenanga has signed an agreement with is Tokenize Xchange. The exchange is one of the most prominent crypto-firms in Malaysia for providing trading services in major cryptocurrencies.

Some of the major cryptocurrencies supported by Tokenize exchange include Bitcoin (BTC) and Ethereum (ETH) that which provide trading services for.

Tokenize exchange is one of three major cryptocurrencies in Malaysia that are regulated and licensed by the Securities Commission Malaysia. The exchange also has the title of being the second-largest cryptocurrency exchange in Malaysia in terms of market share.

The group managing director of Kenanga Investment Bank Berhad, Datuk Chay Wai Leong commented on the firm’s recent developments. Leong stated that the firm has been exploring new and digital ways of technology in order to make the lives of their customers easier.

The firm has invested a lot in the digital technology sector to develop products and tools that can prove to be very beneficial for their customers. Therefore, collaborating with one of the major cryptocurrency exchanges in the country would turn out to be very beneficial for both firms.

Leong stated that the firm does not just want to invest in Bitcoin (BTC) and other cryptocurrencies that are commonly traded. It wants to go beyond the current standards of cryptocurrencies and introduce advancements in the cryptocurrency and finance sectors.

He also stated that they are confident of the technology and infrastructure that goes behind the making of the digital assets. Therefore, they have full faith in the technology that is offered by the industry and plan on taking full advantage of it.

So far, Kenanga Investment Bank Berhad has only provided this information on the matter and refused to make any further comments.