On Jun17th, 2021, Hong Qi Yu, the 31-year-old founder of Tokenize Exchange had an interview with Michelle Martin on Money FM 89.3.
▸▸▸ Access the episode: https://bit.ly/35AACJk
“He built most of his wealth when as a coder, he chanced upon Ethereum. That was back in 2017. Today he is the founder of Tokenize Exchange.” Michelle Martin and Hong Qi Yu discussed what was behind the recent volatility of Bitcoin and Ethereum, the security of Tokenize, if you can buy Dogecoin on this exchange, and his views on the future of crypto-currencies.
Hong Qi Yu’s investment journey and the foundation of Tokenize Exchange
10 years ago, Hong Qi Yu started to trade in Forex and stocks. Then in 2017, his investment journey took him to cryptocurrency and built most of his wealth on crypto which is one of his best-performing assets.
Back in 2017, he was a coder who was looking into technologies like AI and blockchain, hence, he had a chance to learn about cryptocurrencies like Ethereum which was the first digital coin that he invested in.
In fact, he never thought of cryptocurrency as an investment. As a coder, he looked through the website and read the documentation, and decided that “Why not create my first token and see how the smart contract works?” In order to do that, he bought his first Ethereum to code the smart contract. That’s how he got into cryptocurrency.
After buying his first Ethereum, the price went up by 50% after a couple of days, making his mind blow because he never experienced this kind of fast price movement before!
Tokenize is one of the few platforms using Sing dollars. Most of the so-called cryptocurrency platforms only allow users to long and short with fixed pricing. But on Tokenize Xchange, you can place an order. For example, If you expect that the Dogecoin will drop to 1 cent, you can queue to price, wait for the price to reach the level.
The payment method for Tokenize Exchange is mainly bank transfer. Tokenize is working with Xfers to enable users to bank transfer for their transactions. Also, Tokenize will launch the credit card payment at the end of this month.
Hong Qi Yu showed his support for emerging tokens and coins like Dogecoin, SNX, Uni, and Sushi. Along with around 40 cryptocurrencies listed on Tokenize Exchange, he desires a number of more than a hundred cryptocurrencies at the end of this year.
Mentioning Dogecoin, he said it started as a joke and no one thought seriously about it, but a lot of things have changed. For Dogecoin, he thinks it’s reached a different level at 100 times. He also noticed that Dogecoin is already on the listing of Tokenze Exchange where you can buy with USD or SGD.
Security guarantee on Tokenize
To protect users from the pump and dump scheme, he said many pumps and dump events happen to new emerging projects so we should do our own research to understand the project before putting money into it.
In Tokenize, they take pride in their research so the chances for pump and dump are very low, except for global events. He claimed that most of the projects in Tokenize are quite legitimate and serious. Moreover, Tokenize joined a partnership to provide leading custody to ensure all users are well guarded.
What’s behind the recent Bitcoin plummet?
Qi Yu and Michelle Martin also discuss the reasons behind the recent Bitcoin plummet. “Many people say they are in bad shape right now, the bull market has come to an end and I can’t agree, I just think that Bitcoin has enjoyed a short run from the past 5 or 6 months. I think what we experience right now is the consolidation phase where the market is cooling down for a while before it resumes the uptrend.” Said Qi Yu.
According to Tokenize founder, China’s tightening crackdown was not a significant reason for Bitcoin's price down the road because this kind of tightening activity started back in 2017. Every time the market wants to create fear, they always throw these kinds of related news so for him, he was quite used to it and didn’t think it will create a significant impact on cryptocurrency like Bitcoin.
What is the future of crypto?
To answer the question about the future of cryptocurrency, said the founder of Tokenize Exchange: “Investing in cryptocurrency is like investing in technology stocks like Google, Amazon way back in the early days so I think we are in an early phase so there are a lot of opportunities”
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