The largest crypto exchange in the world by trading volume, Binance, announced on December 19 that it had become a major stakeholder in the Indonesian crypto exchange Tokocrypto.
Changpeng Zhao made a tweet saying that Binance has been investing in Tokocrypto since 2020 but has just now increased its investment, leaving us with the impression that it has a long and close relationship with the exchange.
🔔Binance Acquires Indonesian Crypto Exchange Firm Tokocrypto #Binance has become a major stakeholder in the Indonesian crypto exchange #Tokocrypto.https://t.co/ok6fO90FWb
— Forever HODL ₿ (@granitacademy) December 20, 2022
As reported by CNBC Indonesia, Binance is aiming to purchase all of Tokocrypto’s shares.
Pang Xue Kai will step down as Tokocrypto’s CEO; however, he will remain on the board of commissioners. He praised Binance’s contribution to Tokocrypto, which has helped a lot to develop in the Indonesian digital market.
“Tokocrypto came from our idea more than four years ago, and I am very proud to see every growth, achievement, and contribution that the company has made to advance Indonesia’s digital economy.”
Following the acquisition, Tokocrypto had to let go of over 58% of its workforce due to global market challenges.
“It is regrettable that we have had to reduce the size of the company to ensure we remain in a good position to cope with the uncertain macroeconomic conditions, and we extend our sincerest apologies to the affected employees,” said Yodhono Rawis, Tokocrypto’s interim CEO.
Moreover, Binance has helped a lot of crypto firms in the Asia Pacific to ease their entry into the crypto market.
The cryptocurrency company had purchased an 18% stake in Singapore’s Hg Exchange, made an unknown investment in Malaysia’s MX Global, and acquired Sakura Exchange BitCoin, a Japanese supplier of cryptocurrency exchange services.