Tokocrypto, an Indonesia-based cryptocurrency exchange, has been bought by Binance. According to a Coindesk Indonesia story, the international cryptocurrency company claimed it will progressively increase its investment in Tokocrypto to approximately 100%.
Pang Xue Kai, the CEO and co-founder of Tokocrypto, will retire from his post, and interim CEO Yudhono Rawis will takeover, according to Coindesk Indonesia. However, the co-founder will continue to serve on the Tokocrypto board of directors.
Additionally, the Indonesian company reportedly fired 58% of its staff as a result of “fluctuating crypto market conditions.” The company’s LinkedIn page indicates that it now employs about 290 people. Tokocrypto also fired 45 workers in September.
2020 saw Binance make a Tokocrypto investment. Given that Tokocrypto holds a crypto license in Indonesia, Binance expects to grow its clientele there as a result of the investment.
Similar agreements have been struck by Binance before. It bought Japan’s Sakura Exchange Bitcoin (SEBC) last month to re-enter the nation. Binance purchased a significant share in MX Global, a licensed platform for trading digital assets, in Malaysia.
