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

12593556_10205735480657537_3835976740831778163_o
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

Advertisement


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, 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.

Hot News

Bitcoin Cash [BCH] Bullish Breakout Seems Real: Indicators Suggests

Bitcoin, the largest cryptocurrency in the world and - by proxy - cryptocurrency market, has witnessed bursts of volatility. Bitcoin Cash’s price has...

Goldman Sachs Contemplate to Launch Crypto Stablecoin

Mathew McDermot, global head of digital assets is currently leading the team at Goldman Sachs responsible for the development of this stablecoin. Stablecoin...

Ripple CEO Brad Garlinghouse Bats For Cryptocurrencies, Opines Governments Are Taking It Seriously

Brad Garlinghouse believes that cryptocurrencies are emerging as a stable and trusted alternative to in fiat currencies. The coin market has witnessed a...

Iran Permits Licensed Bitcoin Miners to Start Operations to Boost Crypto Market

The Iranian government has issued 1,000 plus licenses for cryptocurrency mining as of January. Iran will also provide an exemption of 47% on the...

Ex Goldman Sach Employee Raoul Pal Roots for Bitcoin As Only Asset Worth Owning

  Former Goldman Sach Raoul Pal suggests that Bitcoin is his choice of cryptocurrency for long-term asset allocation. Palis also working on repositioning his...

Top 5 Types of Cryptocurrencies and Their Profit Trends in 2020

A complete lowdown on the cryptocurrencies you should invest in 2020 for high returns. Trading of Bitcoin, Ethereum, and other cryptocurrencies witnessed a surge at...

Partners

RELATED NEWS

Bitcoin Cash [BCH] Bullish Breakout Seems Real: Indicators Suggests

Bitcoin, the largest cryptocurrency in the world and - by proxy - cryptocurrency...

Goldman Sachs Contemplate to Launch Crypto Stablecoin

Mathew McDermot, global head of digital assets is currently leading the team at...

Ripple CEO Brad Garlinghouse Bats For Cryptocurrencies, Opines Governments...

Brad Garlinghouse believes that cryptocurrencies are emerging as a stable and trusted alternative...