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Following Binance’s investment, Tokocrypto quits its IPO plans

Tokocrypto, an Indonesian company, has postponed its planned IPO following the appointment of new management.

According to Yudhono Rawis, the CEO appointed after Binance bought a majority stake in the cryptocurrency trading business said that “currently, Tokocrypto is well capitalized and has a healthy cost base”.

Late last year, Rawis took over for co-founder Pang Xue Kai. After leaving, Kai co-founded Untukmu AI. In January 2022, Kai stated that Tokocrypto was getting ready to go public by 2024 or 2025.

Although Rawis claims that “the old management might have planned an IPO,” the company currently has no set deadline for making its financial entrance.

Instead, Rawis continues, Tokocrypto will look into long-term alliances with businesses from a variety of sectors, including finance, e-commerce, and media, to add value to its ecosystem.

Tokocrypto claimed that as of June 2023, it had a 43% market share in Indonesia, up from a share of 23.4% in early 2022, according to data from CoinGecko. The cryptocurrency company has more than 3 million users who have registered, and during the first semester of 2023, there were an average of about US $300 million in transactions per month.

More than 350 tokens are traded on the Tokocrypto platform, which was founded in 2017 and launched in 2018. Other investors in the business besides Binance include the Singapore-based venture capital firm Signum Capital.

Teguh Kurniawan Harmanda, Kai’s fellow co-founder, also left his position as COO following the Binance buy-in. In Tokocrypto, Kai and Harmanda both had brief stints as commissioners.

 

 

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