Crypto Platform Binance Increases Investment in Indonesia-based Crypto Exchange
Binance has just announced it has increased its investment in Tokocrypto, an Indonesia-based regulated crypto exchange.
Binance CEO Changpeng Zhao has on the deal:
“Binance has been the majority shareholder of Toko since the beginning. I just invested more money and increased the share a little.”
He has denied the news about the absorption of Tokocrypto. CoinDesk had previously indicated that the CEO of the platform, Pang Xue Kai, would leave his position and that his duties would allegedly be performed by Yudhono Ravis.
According to the publication, the company’s optimization will affect about 58% of the state. A Binance representative ha confirmed the layoffs:
“Reducing the business was the most difficult step for Tokocrypto. Although it was a painful but necessary decision from the team’s point of view, we hope our stakeholders understand the rationale behind it. In the coming weeks, Tokocrypto will focus on continuing to work with Binance as our shareholder to develop long-term goals and strategies.”
