Tokocrypto is the latest cryptos exchange to come under the umbrella of the crypto industry behemoth Binance revealing the latter’s plans to dominate across populous countries. Tokocrypto is one of the popular crypto exchanges based in Indonesia, the fourth largest country in terms of population.
On Tuesday morning, Binance announced that it had acquired the exchange for an undisclosed sum, according to Binance’s policy, it never reveals its acquisition stakes nor the amounts to the public.
Tokocrypto was launched back in 2018 and became the first exchange in Indonesia to come under the regulation of the Indonesia Commodity Futures Trading Regulatory Agency (BAPPEBTI) last year. It is easy to tell the appeal of the exchange towards Binance.
With this acquisition, Binance is saved the hustle of starting from the ground up and chasing after licenses. Also, Tokocrypto is relatively well known in the local market. However, the best part for Binance is gaining access to over 270 million people in Indonesia.
“This investment in Tokocrypto serves to validate Indonesia’s promising blockchain ecosystem, showcasing the confidence from a leading global player,” Pang Xue Kai, Co-Founder, and CEO of Tokocrypto commented about the acquisition.
“The investment from Binance will help establish Tokocrypto’s leading services in the Indonesian market and accelerate our vision in bringing an open financial ecosystem through blockchain technology.”
According to Binance, the extra funds will be allocated towards expanding Tokocrypto’s business in the local market. This includes research and development of new products and services, enhancing the exchange’s technology, expanding across the nation, and expanding both the customer base and the knowledge base of their customers.
Binance CEO Changpeng Zhao believes that Indonesia is poised to become one of the largest if not the largest crypto market in Southeast Asia. “Our investment in Tokocrypto will allow us to explore exciting new opportunities together for the Indonesian market with a regulated local partner to further enable the freedom of money.”
The exchange also happens to have strong support from industry bigwigs such as Singapore-based digital asset trading and investment firm, QCP Capital which invested in the company back in 2018 during its seed funding round. QSP Capital’s Joshua Ho and Darius Sit joined the exchange’s advisory team together with DigiX’s Shaun Djie.