Tokocrypto Secures Funding from Binance

Crypto asset trading platform Tokocrypto announced that it has secured funding from Binance, a company that is also in the industry blockchain. No nominal was mentioned for this time's funding. It is just tokocrypto explained that he would use the funding this time to boost business growth.

Some of the things planned are developing new products and services, developing technology, presenting new initiatives in terms of education blockchain in Indonesia, and also expanded nationally, covering Surabaya, Bali, Medan, Makassar, Balikpapan, and others.

"This investment in Tokocrypto is an affirmation of the confidence of the global crypto asset market leader in the promising potential of the blockchain ecosystem in Indonesia. This investment from Binance will be used to provide and improve the best services from Tokocrypto in the Indonesian market, as well as accelerate our vision of delivering open financial ecosystem through technology blockchain," kata Tokocrypto Co-Founder and CEO Pang Xue Kai.

Starting in 2018, Tokocrypto previously also managed to get funding from QCP Capital, a digital asset trading and investment company based in Singapore. Over time, in 2019 Tokocrypto launched Toko Launchpad, a platform that serves to bridge blockchain projects with the Initial Exchange Offering (IEO) mechanism. Then in the same year, they succeeded registered with BAPPEBTI.

Tokocrypto itself is currently quite optimistic about what they have done and achieved so far. Including the big plans they are preparing to move forward after this funding.

"Currently, the Tokocrypto business continues to grow positively, both in terms of users and daily transactions. Currently, volume trading Tokocrypto daily has managed to reach $700,000. Furthermore, we will certainly continue to innovate by presenting other interesting features or products, and will also present various attractive promos," said Kai.

The development of the crypto asset industry in Indonesia may not be as massive as the industry E-commerce as well as financial technology that is well known to the general public. The problem of user education seems to still be one of the obstacles that are a challenge for the players in it.

For now, the crypto asset trading industry in Indonesia itself is quite busy. Several names of local players emerged and several foreign players began to enter the Indonesian market. Some of them are Luno, Indodax, Coinone, Pintu, and Tokenomy.