Cryptocurrency exchange in clear bid to expand footprint across Asia binance BNB/USD Completed acquisition of Indonesian exchange Tokocrypto.
following the resignation of Pan Shwe Kaiexchange co-founder Binance has revealed that it has acquired control of Tokocrypto and appointed a new CEO.
“Tokocrypto is our brainchild over four years ago. said in a press release.
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“After careful consideration, this decision has been made. We have determined that the best step forward for Tokocrypto is to utilize the capabilities of Binance to further build a physical trading platform for crypto assets. I did,” he added.
Binance CEO Changpeng Zhao confirmed the move, stating that Binance has been a majority shareholder in Tokocrypto since the beginning and that the company has just injected more cash and increased its stake slightly.
Tokocrypto Will Get Smaller, Interim CEO Says
Yudhono Rawis, interim CEO of Tokocrypto, said the company needed to scale back due to “uncertain macroeconomic conditions”.
According to Rieka Handayani, the exchange’s vice president of corporate relations, an “employee adjustment of around 58%” is expected.
In September, Tech In Asia reported that the exchange laid off 45 employees and split its community space and NFT marketplace into two due to the crypto winter.
After the announcement, exchange tokens for TokoCrypt TKO/USD According to CoinMarketCap, it is up 40% from the previous day.
That’s up about 66% from the month the initial takeover speculation surfaced.
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