Binance Teams Up With Tokocrypto To Support IDR-Based Stablecoin BIDR

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • World’s largest cryptocurrency exchange by trading volume, Binance has made some major investments in many crypto exchanges.
  • In this series, Binance has announced today that it has teamed up with Indonesia’s first regulated exchange, Tokocrypto.

World’s largest cryptocurrency exchange by trading volume, Binance has made some major investments in many crypto exchanges. Such as the crypto derivatives exchanges FTX and JEX and also India based WazirX. Binance recently announced it’s plans of Launching BIDR Stablecoin backed by Indonesian Rupiah with Indonesia’s first regulated cryptocurrency exchange, Tokocrypto.

Binance Invest to support IDR-based stablecoin

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In this series, Binance has announced today that it has teamed up with Indonesia’s first regulated exchange, Tokocrypto.

The exchange has unveiled this investment to support IDR-based stablecoin, Binance IDR, attached in the Indonesian Rupiah (IDR).

Moreover, BIDR is a BEP2 asset issued on the Binance Chain. The BIDR issued in proportion to 1 BIDR = 1 IDR.

The Indonesian cryptocurrency exchange is relatively small. A majority of the trading volume generated from the exchange’s Bitcoin pair against the Indonesian rupiah (IDR). However, the exchange also offers top crypto assets such as Bitcoin, Ehereum, XRP, along with a variety of stablecoins.

Aiming to enhance the growth of Tokocrypto’s business

However, the funding by Binance will boost Tokocrypto’s business. This will include exclusive products and services, technology developments,Ā initiatives for blockchain education in the country, and worldwide expansion.

Additionally, the CEO of Tokocrypto, Pang Xue Kai, praised the exchange’s funding. He further stated it would prove a support system for the company’s services in the domestic market.

Besides this, the exchange has not yet revealed the investment amount. However, it is certain that Binance had acquired a great amount of stake in the exchange.

Launched in 2018, Tokocrypto was the first Indonesia-based crypto exchange, which is regulated by Indonesian trading regulator BAPPEBTI. The Indonesian exchange was an effort of some crypto enthusiasts. They believed in the benefits of blockchain technology for future investments.

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