Binance is continuously working on its global reach, recently making an investment in Tokocrypto, a cryptocurrency exchange based in Indonesia.
Tokocrypto was the first regulated crypto exchange in Indonesia.
According to a report from the Business Times, Tokocrypto said that it would be using the funds it received from Binance to improve its overall operations.
Among these developments are security-related. With reports of “hot wallets,” or online wallets, being hacked, Tokocrypto plans on using more “cold wallets” to store cryptocurrencies.
Pang Xue Kai, chief executive officer and co-founder of Tokocrypto, stated:
“The investment from Binance will help establish Tokocrypto’s leading services in the Indonesian market and accelerate our vision in bringing an open financial ecosystem through blockchain technology.”
Tokocrypto will also take advantage of this support for its product development initiatives and technological improvements. Included in their long-term plan is to maintain its ongoing blockchain education initiative in Indonesia.
According to Pang, Tokocrypto plays an important role in the adoption and continued circulation of Bitcoin (BTC) and other digital assets in its financial ecosystem. Pang added:
“This partnership is something that will be very beneficial for Tokocrypto. Binance has the technical expertise and we will be leveraging on that, so that we can protect our customers’ assets with a very high level of confidence.”
Changpeng Zhao “CZ,” chief executive officer and founder of Binance, said:
“Our investment in Tokocrypto will allow us to explore exciting new opportunities together for the Indonesian market with a regulated local partner to further enable the freedom of money.”
Binance is not only investing in local cryptocurrencies to expand its reach and improve its services.
Last March, Binance partnered with the Shyft Network, to comply with the Travel Rule of the International Anti-Money Laundering Group (FATF). According to their announcement, the partnership seeks to help them improve their decentralized infrastructure.
In the same month, Binance also partnered with the Brave browser in making cryptocurrency more accessible to users. Through this partnership, the Brave browser integrated a Binance widget that allows users to conveniently purchase and sell cryptocurrencies.
So far, it is safe to say that the partnerships and investments made by Binance were not just primarily aimed at further expanding their global reach, such as the case with their partnership with Tokocrypto. Its recent collaborations have been seen to aim at improving their services and complying better with existing regulations.
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