Binance-backed Indonesian cryptocurrency exchange considers IPO

Tokocrypto, a cryptocurrency exchange located in Jakarta, is considering its debut on the public market in the next two to three years. The Nikkei report on Wednesday.

“I said two years because we need to be profitable for at least two years before going public. We are now profitable. Our focus at Tokocrypto is to further develop our business, expand our business to more regions in Indonesia, and make cryptocurrency Become the mainstream of the country,” said Pang Xue Kai, CEO of TokoCrypto.

“In terms of valuation, it is too early to talk about IPO, because IPO is still two to three years away, but with close reference to Coinbase in the United States, we are currently monitoring the market, expanding our business, building teams and products,” he added .

Tokocrypto was established in 2018 and is regulated by the Commodity Futures Trading Regulatory Agency (also known as Bappebti) of the Indonesian Ministry of Trade.

Tokocrypto has established ties with Binance, the world’s largest cryptocurrency exchange, and this Indonesian company Accept undisclosed investments From Binance a year ago. Tokocrypto also Fired Sold its Tokocrypto (TKO) token on Binance earlier this year.Last year, the company also roll out An upgraded cryptocurrency exchange powered by Binance Cloud.

Although Indonesia has recently become a major hot spot for cryptocurrency activity The government bans crypto-based payments In 2017. Last week, Pintu, the main local cryptocurrency trading platform, Raised $6 million From investors including Coinbase, a NASDAQ-listed cryptocurrency exchange.