Binance the worlds largest cryptocurrency exchange by trading volume and users, today reveals its investment in Tokocrypto. Tokocrypto is the leading regulated cryptocurrency exchange in Indonesia.
In 2019 as Tokocrypto became the first cryptocurrency exchange to be regulated by the Indonesia Commodity Futures Trading Regulatory Agency (BAPPEBTI). However, the investment amount is not yet disclosed by Binance or Tokocrypto.
As per the official announcement, the investment will be used to “accelerate the growth of Tokocrypto’s business, including new products and services, technology enhancements, nationwide expansion, and new initiatives for blockchain education in the region”.
“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,” said Pang Xue Kai, Co-Founder and CEO of Tokocrypto.
Changpeng Zhao (CZ), Founder and CEO of Binance, stated that “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.”
Binance is investing heavily in various Blockchain and cryptocurrency projects these days. Recently it acquired the most-referenced crypto pricing website, CoinMarketCap, for an undisclosed amount.
Also, recently it acquired India’s leading digital asset platform WazirX to launch multiple Fiat-to-Crypto gateways.
Binance and Wazirx also have jointly set up a $50 million token fund to invest in Indian blockchain startups.
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