Binance, the world’s largest cryptocurrency exchange by trading volume and users, announced its investment in Tokocrypto, the leading regulated cryptocurrency exchange in Indonesia on May 12.
The funding will be used to accelerate the growth of Tokocrypto’s business such as new products and services, technology enhancements, nationwide expansion, and new initiatives for blockchain education in the region.
#Binance Invests in First Regulated Cryptocurrency Exchange in Indonesia, @Tokocrypto 🇮🇩 in 2019 as Tokocrypto became the first cryptocurrency exchange to be regulated by the Indonesia Commodity Futures Trading Regulatory Agency (BAPPEBTI).https://t.co/7ryxDBWPEM — Binance (@binance) May 12, 2020
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.”
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 includes Singapore-based digital asset trading and investment firm, QCP Capital.
Teguh Kurniawan Harmanda, COO of Tokocrypto said:
“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.”
Tokocrypto became the first cryptocurrency exchange to be regulated by the Indonesia Commodity Futures Trading Regulatory Agency (BAPPEBTI) in 2019.
Changpeng Zhao (CZ), Founder and CEO of Binance, stated:
“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.”
Official Source and Image: Binance