Tokocrypto is Ready for National Expansion with New Funding

Cryptocurrency exchange platform, Tokocrypto announced it has received funding from a global scale blockchain company, Binance, Tuesday (05/12/2020). Without mentioning the total value achieved, Tokocrypto, said this investment will be used to accelerate business development.

This includes new products and services, technology development, presenting new initiatives in terms of blockchain education in Indonesia, as well as national expansion, such as Surabaya, Bali, Medan, Makassar, Balikpapan, and others.

“This investment from Binance will be used to bring and improve the best services of Tokocrypto in the Indonesian market, and accelerate our vision of presenting an open financial ecosystem through blockchain technology,” Pang Xue Kai said, Tokocrypto Co-Founder and CEO, quoted by TribunJatim.

The startup, which was founded in 2018, wants to encourage the accessibility and sustainable adoption of crypto assets through trade and services in Indonesia, Xue Kai said.

Previously, Tokocrypto Had Obtained Seed Funding from Several Investors

At its inception, Tokocrypto also managed to get an initial round of funding, where at this round, one of the funders was QCP Capital, a digital asset and investment trading company based in Singapore.

In 2019, this startup became the first crypto asset startup that was registered and supervised directly by BAPPEBTI (Commodity Futures Trading Regulatory Agency). This is a historic achievement for TokoCrypto travel.

Changpeng Zhao (CZ), Founder and CEO of Binance, stated that with the rapid adoption of technology, strong economic growth, and the fourth largest population in the world, Indonesia will become one of the leading centers of the blockchain ecosystem in Southeast Asia.

Binance revealed that their investment in the crypto asset startup was aimed at opening new opportunities and exploring the market in Indonesia. The company cooperates with local partners who have been regulated in Indonesia to bring freedom in financial matters.

Shaun Djie from Digix and Joshua Ho and Darius Sit from QCP Capital, the advisory board experienced in the world of crypto assets have supported Tokocrypto since 2018.

Teguh Kurniawan Harmanda, COO Tokocrypto revealed that they will also continue to develop various new initiatives for the community, in addition to continuing to maintain cooperation and collaboration with BAPPEBTI and PPATK. Collaboration with other industry players is also very necessary so that the business runs smoothly.

Registered At and Supervised By BAPPEBTI

In 2019 the company became the first trader of crypto assets registered and supervised by the Commodity Futures Trading Regulatory Agency (BAPPEBTI). Tokocrypto is a crypto asset company supported by advisory boards from various large companies such as QCP Capital and Digix.

The founder of Binance revealed that the collaboration between Binance and Tokocrypto could open up new opportunities that would attract the Indonesian market in terms of crypto assets, and allow financial freedom.

The Company Will Continue to Create New Initiatives

Meanwhile, Teguh Kurniawan Harmanda, COO of Tokocrypto said the company will develop various new initiatives and continue collaboration with various parties.

“We also continue to collaborate and collaborate with policy makers in Indonesia such as BAPPEBTI and PPATK, and establish strategic cooperation with other industry players,” Teguh said.

Tokocrypto is the first regulated crypto currency trading service provider platform in Indonesia. On this platform, users can exchange and purchase crypto currencies, such as Bitcoin, Ethereum, Ripple and so on.

While Binance is the global blockchain company behind the largest crypto asset trader in the world in terms of transaction volume and users.

When it was first established in 2018, Tokocrypto had a vision to encourage the sustainable adoption and accessibility of domestic crypto assets through the transactions and services they provide. At the beginning of its establishment, Tokocrypto also won initial round of funding.