Jakarta-based Tococrypto received an undisclosed investment from Binance in May 2020. According to the Nikkei report on Wednesday, Tokocrypto is also considering a public market debut over the next two or three years.
Pang Xue Kai
Pang Xue Kai, the CEO of Tokocrypto, said they are saying two years because they have to be profitable for more than two years at least before listing. He further said that they are thriving now.
He also added that their crucial focus at Tokocrypto is to grow the business, expand their operations to more parts of Indonesia and make Crypto mainstream in the country.
Moreover, he said that valuation wise it’s premature to talk about it as an IPO is still 2 to 3 years down the road, but a closed reference would be Coinbase of the US.
They are currently monitoring the market, scaling the business, and building the team and products. Tokocrypto, founded in 2018, is regulated under the Indonesia Ministry of a trade by the commodity futures trading regulatory agency.
Tococrypto also has ties with the world’s largest Crypto exchange Binance. Moreover, the firm also launched the sale of its Tokocrypto TKO tokens on Binance earlier this year. In addition, the company also rolled out an upgraded Crypto exchange powered by Binance cloud last year.
Indonesia has been emerging as a significant hotspot for cryptocurrency activity despite the government banning Crypto-based payments in 2017.