Tokocrypto, an Indonesian cryptocurrency trading platform acquired by Binance in December 2020, is reportedly in talks with investors to raise funds for its expansion plans.
Binance-Backed Cryptocurrency Exchange Tokocrypto Plans to Expand Operations in Indonesia
Tokocrypto is seeking to raise between $10 million and $20 million in its Series A funding round.
Tokocrypto is one of the few licensed cryptocurrency exchanges in Indonesia with a population of over 270 million and a growing demand for digital assets.
The platform offers trading services for various cryptocurrencies, including Bitcoin, Ethereum, Binance Coin and its native token TKO.
Binance, the world's largest crypto exchange by trading volume, entered the Indonesian market in 2020 and invested in Tokocrypto as part of its global expansion strategy.
Binance also provides technical and operational support to Tokocrypto, as well as access to its liquidity and ecosystem.
Tokocrypto's goal is to become the leading cryptocurrency platform in Indonesia and Southeast Asia, where the adoption of digital assets is expected to increase rapidly in the coming years.
The platform faces competition from other players in the region such as Indodax, Pintu, Zipmex and Coinhako. However, Tokocrypto believes its partnership with Binance gives it an edge over its competitors.
*Not investment advice.