JRNY Crypto
Binance, the world’s largest exchange by trading volume and users has once again achieved a great deal by investing in the leading Indonesian Crypto Exchange Tokocrypto.
Tokocrypto is the first cryptocurrency exchange in Indonesia to receive regulatory approval from the Commodity Futures trading Regulatory Agency (BAPPEBTI) in 2019.
This means that users can simply buy crypto in Binance with the use of this partner.
The amount invested in this exchange was not made known but the use of funds was. This is found on the Binance blog itself where it said that funding was to accelerate the growth of Tokocrypto business. This includes product and services, advancement of technology, more expansions across nations and many more.
Relating to this investment, this is what the CEO of Tokocrypto exchange Pang Xue Kai had to say
“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.”
As we know, CZ who is the CEO of Binance Exchange over the years has had eyes on the Asian markets, even mentioning it back in 2018 in a Podcast with Laura Shin on how they are currently targeting the Asian market, and they have grown quite well since then, even going as far as Africa and other continents. On this investment he says he sees a lot of exciting new opportunities in Indonesia, below is his statement.
“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.” ~ CZ stated
Over the years, Binance has been expanding in its investment and partnerships starting from early Trust wallet to CoinMarketCap. Binance has also announced today deposit and withdrawal for South African Rand. This too added to other fiat currency trading pairs integrated by them including the NGN recently done.
In all honesty, Binance is doing all it can within it’s power to hold on to the that position of the best trusted exchange in the crypto world.
