The biggest cryptocurrency exchange in the world just invested a confidential amount to local Indonesian crypto exchange by the name of Tokocrypto. This goes hand in hand with the recent introduction of Indonesian fiat into the Binance peer-to-perr crypto trading platform.
The move was made this Tuesday, and is an attempt at expediting local crypto currency businesses by financing both services and products offered by Tokocrpypto. With this funding, both companies are planning for a nation wide expansion.
Changpeng Zhao, CEO of Binance explained,
“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.”
Tokocrypto was established in 2018, receiving licensee approval last November, becoming Indonesia’s first regulated cryptocurrency exchange in the nation. Furthermore, it is also backed by QCP Capital, a Singaporean investment firm, on top of being backed up by Binance. It seems that the future is bright for Tokocrypto.
Binance is currently expanding in the on the South Asian markets, where the past couple of years have seen a boom in digital currency interest and demand.