Not a new face! Binance has always been a majority shareholder of Tokocrypto. While the amount is hush-hush, they injected more cash into the firm and increased their ownership. NBD.
Who's Tokocrypto, anyway? Founded in 2018, they were the first crypto exchange in Indonesia to get the approval of Indonesia's Commodity Futures Trading Regulatory Agency (BAPPEBTI).
Their last known round was an investment from Singapore's Signum Capital in December 2021.
🤔 What's gonna change?
A few things. Tokocrypto's co-founder and CEO stepping down. But he's staying on the board of commissioners!
Also, 58% of staff will be laid off. And no, it's not their first layoff. Tokocrypto laid off 45 employees in September this year.
No new names. Tokocrypto is keeping their name and branding post-acquisition and will operate as a separate entity from Binance.
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