Tokocrypto Lays 20% of Employees

Tokocrypto said it had laid off 20% of its total employees or 45 people out of a total of 227 employees. According to a company spokesman, this step was taken as a form of adaptation to the crypto market conditions and the global economy, which required Tokocrypto to make adjustments to its business strategy.

Since debuting in 2018 as a platform crypto exchange, the use of the Tokocrypto service is claimed to increase, in terms of the number of users and the trading volume on the platform. Likewise on the business side, there is a growth trend revenue positive that was successfully recorded by the company.

To accelerate their business, in 2020 they also received funding support from global crypto company Binance.

In the midst of global dynamics that occur in the crypto sector, management finally chooses to make efficiency and realign business focus. It is based on predictions and analysis carried out by placing internal and external variables.

Quoted Tirto, Tokocrypto said, "Tokocrypto has become part of the growth and development of the crypto industry ecosystem, because it must be able to adapt quickly to changes. The internal step taken is to transfer some employees to business units that have become different entities, namely T-Hub and TokoMall, Adjusting the number of employees by around 20% of the 227 employees with consideration of changes in business focus, as well as providing employee recommendations to web3 and companies blockchain who have been our partners for so long."

Have a complete ecosystem

It's undeniable, Tokocrypto's performance in the world blockchain and Web3 local is quite significant. Apart from being exchange, they also have a number of support platforms aimed at building an ecosystem.

Together with its investor, namely Binance, they introduced the TKO token utilized for CeFi, DeFi, and NFT. Currently TKO is one of the most traded local tokens on the market with a [dynamic] market capitalization currently exceeding 400 billion Rupiah.

They also have TokoMall as a marketplace local NFT. Not only that, to develop the web3 ecosystem the TokoLaunchpad accelerator program was also implemented. Even Tokocrypto too invest in a number of portfolios.

Currently, the crypto market is experiencing fairly fast dynamics. It is also felt locally, including one of the regulators (CoFTRA) who is currently conducting a moratorium on licensing exchange new. As a result, a number of unregistered platforms such as Binance, Crypto.com, Coinbase etc. have their sites blocked from Kominfo.

In the near future, the Ministry of Trade also plans to issue a new policy regarding the management of crypto exchanges in Indonesia. The government reflects on the cases in the global market, including the issues that recently befell Zipmex.