Binance has invested an undisclosed amount in Tokocrypto, a regulated cryptocurrency exchange in Indonesia.
Announced on Tuesday, the proceeds will be utilized in accelerating the growth of the local crypto exchange’s business by extending its products and services. It is also planning for technological expansion and nationwide expansion.
“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,” Pang Xue Kai, co-founder and CEO of Tokocrypto, said.
A regulated crypto exchange
Established in 2018, the Indonesian exchange received regulatory approval last November, becoming the first regulated digital currency exchange in the county. Apart from Binance, it is already backed by QCP Capital, a Singaporean digital asset trading and investment firm.
“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,” Changpeng Zhao, founder and CEO of Binance, added.
“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.”
This came when Binance is trying to expand its footprint in new markets either by business expansion, acquisition, or even investments on local platforms. Also, the exchange giant is focusing on the South Asian markets where demand for cryptocurrencies are rising.
Recently, Binance also added Indonesian fiat on its peer-to-peer crypto trading platform.