Malaysian FinTech MX Global on Tuesday (March 1) secured an equity investment from cryptocurrency and blockchain platform Binance and an investment in Redeemable Convertible Preference Shares (RCPS) by digital business solutions provider Cuscapi Berhad.
These new capital injections will allow MX Global to “build brand awareness, hire more high-quality talent and develop new features within Malaysia’s regulatory framework,” according to the joint announcement.
MX Global is one of the four Recognized Market Operator-Digital Asset Exchange (RMO-DAX) granted full approval by the Securities Commission Malaysia in July. It offers solutions for users to store and trade cryptocurrencies, including through a regulated local cryptocurrency exchange.
“MX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally,” said Dato’ Fadzli Shah, CEO of MX Global, in the joint announcement.
“The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers,” he said.
Binance hopes to work with regional and local partners across Southeast Asia to help them continue to embrace cryptocurrency and digital assets.
“We see potential in Malaysia given its respected and innovative crypto and blockchain community,” said Changpeng Zhao, founder and CEO of Binance. “We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole, as well as across the entire crypto and blockchain ecosystem.”
Cuscapi Berhad Executive Chairman Datuk Jayakumar Panneer Selvam said the investment would boost the potentials of cryptocurrency and eCommerce.
“This historic collaboration between digital assets and payment systems will create integration and synergy that will bring together the high potential of the use of cryptocurrency to conduct commerce,” said Selvam. “With blockchain and smart contracts being increasingly incorporated into our lives, the potential for this will be massive.”
Related: Exiting Singapore, Embattled Crypto Exchange Binance Retreats Again
In December, Binance said it would stop offering crypto trading services on Binance Asia Services, its Singapore affiliate, on Feb. 22.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More