The largest crypto exchange in the world has completed the acquisition of the Indonesian cryptocurrency trading platform Tokocrypto, becoming its main shareholder.
According to the parties to the transaction, the decision was made by the parties after careful consideration of possible options for cooperation. The participants in the transaction concluded that the best step for the development of Tokocrypto would be to use Binance’s exchange capabilities to create an updated local cryptocurrency trading platform.
Tokocrypto is a leading cryptocurrency asset trader in Indonesia, which is overseen by Bappebti, the country’s commodity regulator. The administration of the company confirmed that the deal does not imply a rebranding of Tokocrypto.
Tokocrypto’s acting CEO, Yudhono Rawis, said that given the uncertain macro environment, the company will need to cut staff. Rieka Handayani, vice president of corporate communications, clarified that a headcount adjustment of about 58% is expected. Tech In Asia reported that the marketplace began layoffs back in September.
On Monday, December 19, it became known that the US branch of Binance won the tender to acquire the assets of the bankrupt crypto-lender Voyager Digital in the amount of more than $1 billion. The deal should be closed by April 18, 2023.
Source: Bits
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