The native cryptocurrency of Indonesia’s regulated exchange, Tokocrypto, spiked significantly on Tuesday following new reports that the largest crypto exchange Binance is considering taking over the company.

Binance is Allegedly in Talks to Takeover Tokocrypto

Binance, which previously invested in Tokocrypto, is now negotiating a complete acquisition of the Indonesian crypto exchange, according to Tech in Asia. People familiar with the matter said there might be layoffs and reshuffles that could see the present Tokocrypto CEO, Pang Xue Ka, step down if the deal is finalised.

Tokocrypto was launched in September 2018, offering crypto assets services in Indonesia. Two months later, the exchange became the first cryptocurrency company regulated by Indonesia’s Commodities Futures Trading Regulatory Agency (BAPPEBTI). However, the crypto exchange has been caught up in the recent bear market.

In September, Tokocrypto laid off about 20% of its employees, citing the ongoing situation in the cryptocurrency and global markets. A Binance takeover would, perhaps, shore up the company’s operations. And while the exchange is yet to confirm the rumour, the users are already going euphoric on the reports.

Toko Token, the native cryptocurrency of the exchange, jumped over 87% to $0.5285 in a few minutes leading to press time.

Source: CoinMarketCap

Binance is Out Shopping

Binance has been on a shopping spree since announcing its Industry Recovery Fund initiative in November, aimed at supporting startups struggling with liquidity.

On November 30, Binance announced it had acquired Sakura Exchange BitCoin (SEBC), a cryptocurrency exchange based and regulated in Japan. This takeover was broadly perceived as Binance’s attempt to re-enter the Japanese market, with a spokesperson for Binance saying that Japan has “huge potential in the emerging Web3 industry.”

Last week, Binance Labs also invested $4.5 million in DeFi protocol Ambit Finance under a strategic deal to accelerate the growth of Dapps in the BNB Chain ecosystem.

~ By Ibiam Wayas ~