Binance has taken over Tokocrypto, an Indonesian crypto trading firm in which they have been a key stakeholder since its inception. According to officials, the decision was reached after careful consideration. The parties agreed that the best way forward for Tokocrypto is to use Binance’s capabilities to establish a new physical trading platform for cryptocurrencies.
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This transition will provides additional funds and strengthens Binance’s shareholder power. Tokocrypto is the first cryptocurrency trader in Indonesia licensed by Bappebti, the country’s commodities regulator. Tokocrypto’s branding will stay unchanged, according to the business.
Tokocrypto’s CEO, Yudhono Rawis, said that the firm would need to downsize because of the uncertain macroeconomic situation. According to Rieka Handayani, the exchange’s vice president of corporate relations, a staffing adjustment of roughly 58% is envisaged. Due to the bear market in September, the exchange cut off 45 staff and split off its community space and NFT marketplace.
TKO, Tokocrypto’s exchange token, rose 66% in a month when rumors of a purchase initially surfaced and another 40% following the formal acquisition. The firm recently launched its Pay service in the United States, enabling customers to send, request, and receive cryptocurrency with rapid settlement and no fees.
The function was previously accessible outside of the United States. Binance has recently reduced trading fees for ethereum (ETH) and bitcoin (BTC) to attract more customers when cryptocurrency trading volumes are at 2-year lows.