Tokocrypto, the Jakarta-based cryptocurrency exchange, is considering a public market debut over the next two or three years.
Pang Xue Ka, the CEO of Tokocrypto, said:
“I’m saying two years because we need to be profitable for at least more than two years before listing. We are already profitable now. Our key focus at Tokocrypto is to grow the business further, expand our operations to more parts of Indonesia and make crypto mainstream in the country.”
“Valuation-wise, it is premature to talk about as an IPO is still two to three years down the road, but a close reference would be Coinbase of the U.S. Currently, we are monitoring the market, scaling the business, building the team and products.”
It has been reported that Tokocrypto is regulated under Indonesia’s Ministry of Trade by the Commodity Futures Trading Regulatory Agency, also known as Bappebti. It has ties with the world’s largest crypto exchange, Binance, with the Indonesian firm receiving an undisclosed investment from Binance one year ago.
Indonesian crypto exchange Tokocrypto is weighing an initial public offering in the next two to three years. https://t.co/LfzfSfpPIT — Cointelegraph (@Cointelegraph) June 2, 2021
Indonesia has been emerging as a major hotspot for cryptocurrency activity recently despite the government banning crypto-based payments in 2017.
Thus, last week, a major local crypto trading platform, Pintu, raised $6 million from investors including Nasdaq-listed crypto exchange Coinbase.