The world’s largest digital currency exchange, Binance has revealed its latest investment on an Indonesia crypto exchange known as Tokocrypto. The Binance funding reportedly confirms the burgeoning blockchain ecosystem of the country.

Although the actual amount invested on Tokocrypto was not disclosed, however, the Indonesia crypto exchange mentioned that the fund will be used to promote blockchain education in the country further, while still growing its business operations.

Per the announcement, the Tokocrypto plans to expand its services across the nation, launch new crypto services and products, as well as to keep up with technological advancements, using the funding.

The first-regulated Indonesia crypto exchange

According to the CEO of Tokocrypto exchange, Pang Xue Kai, the Binance funding indicates the confidence of the crypto leading company on the country’s blockchain ecosystem. The CEO went on to say that the investments will enable the Indonesia crypto exchange to speed up its vision of facilitating a financial ecosystem based on blockchain.

The CEO of Binance, Changpeng Zhao (CZ), reiterated the comment of Tokocrypto CEO. He added in the report that the country would eventually grow to be rated as one of the top centers in the whole Southeast Asia when it calls for the most significant blockchain ecosystem.

Binance invests in promising crypto projects

CZ relay this possibility, following the economic growth, fast adoption of technology, and the population of the country. He added:

“Our investment in Tokocrypto will allow us to explore exciting new opportunities together for the Indonesian market with a regulated local partner to farther enable the freedom of money.”

Tokocrypto was launched in 2018. It is considered as the first Indonesia crypto exchange that was regulated by BAPPEBTI, which is the country’s Commodity Futures Trading Regulatory Agency, in the past year.

Notably, the leading digital currency exchange has been making several investments and acquisitions of crypto as well as blockchain projects. Recently, the crypto company announced its acquisition of CoinMarketCap (CMC), which is considered as the most referenced digital currency price data provider.

This post was last modified on May 12, 2020 10:15 am