Deutsch한국어 日本語中文EspañolFrançaisՀայերենNederlandsРусскийItalianoPortuguêsTürkçe
Portfolio TrackerSwapBuy CryptoCryptocurrenciesPricingWalletNewsEarnBlogNFTWidgetsCoinStats MidasDeFi Portfolio Tracker24h ReportPress KitAPI Docs

Binance Invests in Tokocrypto, a Regulated Indonesia-Based Crypto Exchange

4y ago
bullish:

6

bearish:

3

image

Key highlights:

  • Binance has invested in relatively unknown Indonesian exchange Tokocrypto
  • Changpeng Zhao expects Indonesia to become one of the blockchain leaders in SE Asia
  • According to a report, Binance purchased a majority or controlling stake in the exchange

Tokocrypto is Binance's latest crypto exchange investment

Binance has already made investments in several cryptocurrency exchanges, including the crypto derivatives exchanges FTX and JEX and the India-based WazirX. Now, Binance has unveiled an investment in Tokocrypto, a cryptocurrency exchange in Indonesia. 

Tokocrypto is a relatively small exchange, posting around $720,000 in volume during the last 24 hours. The majority of trading volume came from the exchange’s Bitcoin pair against the Indonesian rupiah (IDR). Tokocrypto lists top crypto assets like Bitcoin, Ethereum and XRP, as well as a variety of stablecoins and a handful of tokens.

It will certainly be interesting to see if the exchange’s volume starts climbing in the coming months thanks to the backing and attention it will receive from Binance’s investment. 

Tokocrypto was founded in 2018 and became the first Indonesia-based cryptocurrency exchange to be regulated by the country’s trading regulator BAPPEBTI in 2019. The exchange’s main local competitor is Indodax, which saw around $5.7 million in volume in the last 24 hours.

Cryptocurrency in Indonesia

However, despite Tokocrypto being approved to operate by the regulator, the country’s cryptocurrency rules are quite strict. Using cryptocurrency to facilitate payments is prohibited, and the country has also place a high barrier when it comes to the minimum capital requirements for trading cryptocurrency derivatives. 

Binance CEO Changpeng Zhao commented on Indonesia's prospects when it comes to blockchain and crypto:

"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.”

While Binance has not disclosed the amount it invested in Tokocrypto, crypto news outlet The Block is reporting that Binance acquired a “majority or controlling stake” in the exchange.

4y ago
bullish:

6

bearish:

3

Manage all your crypto, NFT and DeFi from one place

Securely connect the portfolio you’re using to start.