Tokocrypto Receives an Undisclosed Investment From Binance

Vandana  |  May 12, 2020

Binance, the largest crypto exchange is expanding its network across the world rapidly. Recently, it has announced the investment in an Indonesian crypto exchange named as Tokocrypto. However, the amount has not been disclosed by the exchange yet. This announcement was made on Tuesday and this investment has been done to accelerate the growth of the local crypto exchange in Indonesia.

This investment will establish leading services of Tokocrypto

This investment by Binance is going to play a major role in the validation of Tokocrypto across the Indonesian crypto market. It will simply help the exchange to establish all the leading services in the nation’s market. Pang Xue Kai, CEO and co-founder of Tokocrypto has said that it will move forward the vision of an open financial ecosystem with the help of blockchain technology.

Changpeng Zhao, CEO of Binance also known as CZ Binance has said that with huge adoption of cryptocurrency, Indonesia will emerge as a leading centre of blockchain technology in whole Southeast Asia.

Binance expanding market

Binance is continuously trying to expand its market in various parts of the world some by partnering, some by acquiring and some by establishing a new one. Currently, through the actions of the exchange, it has been seen that it is focusing more and more on South Asian markets. The reason is that these days, the demand along with the crypto adoption is increasing rapidly these days. Not only this, but it has also added Indonesian fiat on its peer-to-peer crypto trading platform. This will ultimately increase the freedom of money in Indonesia.

Recently, Binance also expanded its market in India as well. This move came as the Supreme Court of India has removed the long imposed ban by the Reserve Bank of India. Due to this, India has opened arms towards crypto adoption and is increasing rapidly in the country.

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