Tokocrypto Plans Fundraising, Postpone Expansion of Non-Trading Crypto Products

Tokocrypto revealed that it is raising external funding, to strengthen the product trading crypto assets to make them more accessible to everyone. The company is looking for strategic investors with a strong retail ecosystem to collaborate with.

"The IPO is delayed and is not a priority now. What we are currently studying, we are open to external funding to seek potential partners who can give us value of ecosystems and product and B2B collaborations. The [fundraising] process has started," said Tokocrypto CEO Yudhono Rawis at a media gathering in Jakarta, yesterday (9/8).

For the record, at the end of last year Binance officially acquired Tokocrypto with almost 100% share ownership. To withdraw from your co-founder choose for exit and management replaced with new people. Binance first entered as a shareholder in Tokocrypto in 2020.

Another major impact of the acquisition, Tokocrypto reduced more than half of its employees to only 30% remaining. This condition is also supported by the current crypto market trend bullish until now.