Tokocrypto shelves IPO plans after Binance buy-in

Tokocrypto chief marketing officer Wan Iqbal (left) and CEO Yudhono Rawis / Photo credit: Tokocrypto

Indonesia-based Tokocrypto has put its IPO plans on hold after new leadership took over the firm.

Yudhono Rawis, who was appointed as CEO after Binance acquired a controlling stake in the crypto trading company, tells Tech in Asia that “currently, Tokocrypto is well capitalized and has a healthy cost base.”

Rawis replaced co-founder Pang Xue Kai late last year. Kai, who co-founded Untukmu AI after his exit, said in January 2022 that Tokocrypto was preparing to go public by 2024 or 2025.

While “the old management might have planned an IPO,” Rawis now says that the company doesn’t have a definite target for its financial debut.

Instead, Tokocrypto will explore long-term partnerships with companies from various industries – such as finance, ecommerce, and media – to provide added value to its ecosystem, Rawis adds.

Citing data from CoinGecko, Tokocrypto said it has a 43% market share in Indonesia as of June 2023 – up from 23.4% in early 2022. The crypto firm has more than 3 million registered users, recording an average transaction volume of about US$300 million per month throughout the first semester of 2023.

Founded in 2017 and launched in 2018, Tokocrypto has more than 350 tokens traded on its platform. Apart from Binance, other investors in the company include Singapore-based VC firm Signum Capital.

After the Binance buy-in, Kai’s fellow co-founder Teguh Kurniawan Harmanda also resigned from his COO position. Both Kai and Harmanda briefly served as commissioners in Tokocrypto.

See also: Indonesia’s crypto exchanges face fuzzy future amid new regulations