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Tokocrypto secures investment from Binance
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Digital assets:Indonesia’s leading regulated cryptocurrency exchange,Tokocrypto,has securedinvestment from global blockchain company Binance.
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okocrypto, the leading regulated cryptocurrency exchange in Indonesia, has secured an investment from Binance, the global blockchain company behind the world’s largest cryptocurrency exchange by trading volume and users.
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.
Tokocrypto co-founder and CEO Pang Xue Kai applauded Binance’s investment, expressing hope that it would help establish the company’s services in the domestic market.
“This investment in Tokocrypto serves to validate Indonesia’s promising blockchain ecosystem, showcasing the confidence from a leading global player,” he said.
“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."
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 Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI).
Binance founder and CEO Changpeng Zhao (CZ) said: "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.”
Binance serves to accelerate cryptocurrency adoption with more than 25 products, projects and initiatives.
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.
“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 the BAPPEBTI and the PPATK and strategic partnerships with other industries,” Tokocrypto COO Teguh Kurniawan Harmanda explained.
The Financial Transaction Reports and Analysis Centre(PPATK) is Indonesia’s leading financial transactions monitoring agency.
Tokocrypto was born from a group of crypto enthusiasts with a strong belief in the benefits that blockchain technology offers to the public.
Committed to providing its customers with an easy, simple, instant and secure platform to transact with confidence, Tokocrypto is also a hub for education and news on blockchain technology through close collaboration with Southeast Asian blockchain communities, universities, the public and the Indonesian government.
