World’s largest cryptocurrency exchange, Binance, today announced its investment in Tokocrypto, the leading regulated cryptocurrency exchange in Indonesia.
The funding will be used to accelerate the growth of Tokocrypto’s business, including new products and services, technology enhancements, nationwide expansion, and new initiatives for blockchain education in the region.
Pang Xue Kai, Co-Founder and CEO of Tokocrypto said, “This investment in Tokocrypto serves to validate Indonesia’s promising blockchain ecosystem, showcasing the confidence from a leading global player. 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.”
Changpeng Zhao (CZ), Founder and CEO of Binance, stated that “with fast technology adoption, strong economic growth, and the world’s fourth-largest population, Indonesia will become one of the leading centers of the blockchain ecosystem 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.”
Tokocrypto is additionally supported by its advisory board of experienced cryptocurrency experts, including Joshua Ho, Darius Sit of QCP Capital and Shaun Djie from Digix who have been advisors to the team since 2018.
The crypto buzz may have largely fizzled out from its heyday in 2018, but Mr Pang thinks that Tokocrypto still has a role to play in facilitating continued trading in Bitcoin and other cryptocurrencies in the Indonesian market.
“Tokocrypto will also continue to develop various new initiatives as well as continuing its work and cooperation with regulatory bodies in the region such as BAPPEBTI and PPATK and strategic partnerships with other industries,” said Teguh Kurniawan Harmanda, COO of Tokocrypto.
The startup’s chief executive Pang Xue Kai claimed that Tokocrypto will use the fresh capital to hire new talent in areas including senior-level management, marketing and customer support, adding to its current headcount of 42 employees.
Founded in early 2018, Tokocrypto aims to drive adoption and further the accessibility of cryptocurrency in Indonesia through its exchange and services. Early backers in the company’s seed funding round included Singapore-based digital asset trading and investment firm, QCP Capital.
The team reached a milestone in 2019 as Tokocrypto became the first cryptocurrency exchange to be regulated by the Indonesia Commodity Futures Trading Regulatory Agency (BAPPEBTI).
The two-year-old startup earns revenue from charging fees for the transactions. Tokocrypto’s average daily transaction volume currently stands at about US$700,000, Mr Pang said.
The startup had been on the lookout for strategic investors and found the right fit with Binance. It previously raised seed funding from Singapore’s digital asset trading firm QCP Capital.