Indonesia’s first legalized cryptocurrency exchange platform Tokocrypto, which was granted approval by the Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) in 2019, secured a major investment from the world’s largest cryptocurrency trading platform by trading volume Binance, according to the Jakarta Post.
“This investment in Tokocrypto serves to validate Indonesia’s promising blockchain ecosystem, showcasing the confidence from a leading global player,” Singaporean co-founder and CEO Pang Xue 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.”
Binance’s footprints in the Southeast Asian region can be seen in Singapore with the launch of Binance SG, India with the acquisition of local Indian exchange WazirX, and now Indonesia. Binance’s CEO Changpeng Zhao identified Indonesia to be “one of the leading centers of the blockchain ecosystem in Southeast Asia” due to its sheer market and population size.
Binance is approaching its foray into the Indonesian market differently than its SEA counterparts by partnering a local regulated exchange, as opposed to setting up Binance Indonesia or simply acquiring an exchange in the country.
The new funds will go a long way in accelerating new product developments and expansion of Tokocrypto’s operations in Indonesia’s domestic market, while fully complying with crypto laws as set by Indonesia’s financial regulators.
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