Binance-backed Indonesian crypto exchange considers IPO
Indonesia’s cryptocurrency exchange BitX has been in the news lately following the news that Binance, the world’s largest cryptocurrency exchange, is exploring the possibility of listing the Indonesian company.
Binance-backed Indonesian crypto exchange Coinpulse is considering an IPO with the aim of raising up to $80 million at least, even though its own ICO last year raised little more than $3.5 million. The company’s co-founders, Jonathan Ha, Jonathan Hao, and Jonathan Ma, are all natives of China. They founded Coinpulse in 2017 with the aim of expanding to other Southeast Asian countries.
Binance, the world’s largest cryptocurrency exchange by volume, is now recording its first profit ever thanks to its Binance Labs incubator, where it has been sponsoring, incubating, and funding blockchain startups for more than two years. Binance Labs has grown to become a significant source of revenue for Binance, providing the exchange with a steady stream of revenue, and Binance is now looking to go public (or IPO) to reap the benefits of an independent, publicly traded company.
Jakarta-based cryptocurrency exchange Tokocrypto plans to debut on the public market in the next two to three years, Nikkei reported Wednesday. I say two years because we have to be profitable for at least two years before we go public. We’re profitable now. Tokocrypto’s main goal is to continue to grow the company, expand operations to other parts of Indonesia and make cryptocurrencies mainstream in the country, said Pang Xue Kai, CEO of TokoCrypto. In terms of valuation, it is premature to talk about this as the IPO is still two to three years away, but an obvious example could be the American Coinbase. We are currently observing the market, evolving the business, building out the team and products, he added. Tokocrypto, founded in 2018, is regulated by Indonesia’s Ministry of Commerce through the Commodity Futures Regulatory Agency, also known as Bappebti. Tokocrypto has ties to the world’s largest cryptocurrency exchange, Binance : A year ago, the Indonesian company received an undisclosed investment from Binance. Tokocrypto also began selling its tokocrypto (TKO) tokens on Binance earlier this year. Last year, the company also launched a revamped cryptocurrency exchange based on Binance Cloud. Indonesia has recently become a major hub for cryptocurrency activity, despite the fact that the country’s government banned cryptocurrency payments in 2017. Last week, local cryptocurrency exchange major Pintu raised $6 million from investors, including Nasdaq-listed cryptocurrency exchange Coinbase.Binance, the world’s largest cryptocurrency exchange, is reportedly exploring the possibility of launching an initial public offering in the fourth quarter of this year, according to a report by South Korean local media outlet News1. The report stated that Binance’s parent company, Binance Labs, had been in talks with various banks last month to secure a potential decision about plans to issue Binance Coin (BNB) tokens to investors through an IPO. Binance claimed that its intentions were purely strategic in nature and that it had not officially confirmed the report. However, the company has been expanding its business into new markets.. Read more about what is crypto trading and let us know what you think.
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