As cryptocurrency becomes increasingly popular in Indonesia, local operator Tokocrypto starts to consider making its public market debut in the next two to three years.
CEO of Tokocrypto, Pang Xue Kai, said that the exchange operator is already making huge profits. However, it needs to remain profitable for at least more than two years before going public.
For the time being, Tokocrypto is focused on growing its business, expanding its operations to reach more parts of Indonesia and mainstreaming cryptocurrency in the country.
Last year, Binance acquired a majority stake in Tokocrypto. Founded in 2018, Tokocrypto is regulated by Bappebti — an Indonesian commodity futures trading regulator. Tokocrypto launched its token offering through Binance earlier this year, and has raised $7.5 million by issuing its native token (TKO) at $0.10.
Meanwhile, the crypto craze in Indonesia has also attracted the attention of the global crypto exchange Luno, prompting it to consider entering the country’s market. Luno and conglomerate Lippo Group are in early-stage talks to form a joint venture in order to start operations in the country.