One of the world’s leading crypto exchange Binance has announced its investment in the leading crypto regulated crypto exchange in Indonesia, Tokocrypto. Tokocrypto became the first cryptocurrency exchange to be regulated by the Indonesia Commodity Futures Trading Regulatory Agency in 2019. However, Binance did not reveal the amount it invested in the Indonesian crypto exchange. According to the official announcement, the investment will be used to accelerate the growth of Tokocrypto’s business, including new products and services.
The investment will be used for the nationwide expansion of Tokocrypto.
The investment from the crypto exchange Binance will be used for the nationwide expansion of the Indonesian crypto exchange Tokocrypto. Pang Xue Kai, Co-Founder of Tokocrypto, said that the investment from Binance would help establish Tokocrypto’s leading services in the Indonesian market and accelerate their vision in bringing an open financial ecosystem through blockchain technology. He also noted that this investment from Binance in Tokocrypto serves to validate Indonesia’s promising blockchain ecosystem, showcasing the confidence from a leading global player. Tokocrypto, founded in early 2018, aims to drive adoption and further the accessibility of cryptocurrency in Indonesia through its exchange and services.
Binance continues its acquisition spree.
One of the world’s leading crypto exchange Binance has been on an acquisition spree. Over the last year or so, Binance has invested and acquired in many crypto exchanges and blockchain companies. Bitcoin has been investing in companies all over the world. Binance acquired Indian crypto exchange WazirX later last year, and since then, it has invested in many companies. The exchange has launched its mining pool. Several from the crypto community complained that Binance’s monopoly over the crypto industry might not be good for the industry, but the exchange denied such claims and said otherwise.
Binance CEO Changpeng Zhao said that with fast technology adoption, strong economic growth, and the world’s fourth-largest population, Indonesia would become one of the leading centers of the blockchain ecosystem in Southeast Asia.
