Indonesian Cryptocurrency Exchange Tokocrypto to Hold an IPO

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Tokocrypto, an Indonesia-based crypto trading platform backed by Binance, has just announced it plans to hold an IPO in the next two-three years.

As reported by Nikkei, Pang Xue Kai, the CEO of the exchange, has said that despite being already profitable, the platform must enjoy at least 2-3 more years of profitability before going public.

The company will spend this period scaling its business and expanding its services in the country.

We should remember that Binance bought a controlling stake in the company in 2020. Tokocrypto, founded in 2018 and regulated by Indonesia’s commodity futures trading regulator, launched a token offering through Binance in which it raised $7.5 million selling its TKO token.

We should remember that while cryptocurrencies are not accepted as a means of payment in Indonesia, they can be traded legally.