TechFlow News — Indonesian crypto exchange Tokocrypto has announced the suspension of its IPO plans following the appointment of a new CEO. The incoming Chief Executive Officer, Yudhono Rawis, stated that the company is well-capitalized with a healthy cost structure after Binance acquired a stake in the exchange.
While previous management may have pursued an IPO, Tokocrypto currently has no clear timeline or objective for going public.
Instead, the company intends to build long-term partnerships with firms across industries such as finance, e-commerce, and media to add value to its ecosystem.
Tokocrypto holds a 23% market share in Indonesia, boasts over 3 million registered users, and recorded an average monthly trading volume of approximately $100 million during the first half of 2023. Founded in 2017 and launched in 2018, the exchange has previously collaborated with investors including Binance.
