Aditya Hadi Pratama · · 1 min readBinance-backed Tokocrypto lays off 45 employees
Tokocrypto, an Indonesia-based crypto exchange, has laid off 45 employees, or about 20% of its workforce, it said in a statement.
It also spun off its community space T-Hub and NFT marketplace TokoMall into independent companies, and it transferred some of its employees to those entities.
Tokocrypto co-founder and CEO Pang Xue Kai / Photo credit: Tokocrypto
The crypto exchange has recommended affected employees to other Web3 and blockchain companies that have been its partners, and it will make sure the process is aligned with local regulations.
The firm said that it made the decision in anticipation of a continuous bearish trend in the crypto market and global economy.
Founded in 2018, Tokocrypto is the largest crypto exchange in Indonesia. It said that it has more than 2.5 million registered users and counts Binance as one of its backers.
Earlier this year, it launched the first blockchain-focused accelerator in Indonesia in partnership with BRI Ventures, the venture arm of Bank Rakyat Indonesia. It also tapped fintech-focused VC firm Finch Asia and local investor Indogen Capital to establish a Web3-focused fund for Southeast Asia called Cydonia.
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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