Cryptocurrency News

Binance Backed Indonesian Crypto Exchange Considers IPO

Jakarta-based crypto exchange TokoCrypto is considering a public market debut in the next two or three years, Nikkei reports Wednesday.

“I am saying two years because we need to be profitable for at least more than two years before listing. We are already profitable now. At TokoCrypto our main focus is to grow the business further, expand our operations to more parts of Indonesia and make crypto mainstream in the country,” said Pang Xue Kai, CEO of TokoCrypto.

“According to the assessment, it is still two to three years to talk about an IPO, but a close reference would be Coinbase in the US. At present, we are monitoring the market, scaling up the business, building the team. There are more products,” he said.

Founded in 2018, Tokocrypto is regulated by the Commodity Futures Trading Regulatory Agency under the Ministry of Trade of Indonesia, also known as Bappebati.

TokoCrypto ties up with Indonesian firm Binance, the world’s largest crypto exchange getting an undisclosed investment A year ago from Binance. also tokocrypto launched The sale of its Tokocrypto (TKO) tokens on Binance earlier this year. company last year roll over An advanced crypto exchange powered by Binance Cloud.

Indonesia has recently been emerging as a major hotspot for cryptocurrency activity, despite Government banning crypto-based payments in 2017. Last week, Pintu, a leading local crypto trading platform, raised $6 million From investors including Nasdaq-listed crypto exchange Coinbase.