Indonesian-based crypto exchange TokoCrypto is currently planning to list on the stock market following massive growth in its business
Indonesia is one of the fastest-growing cryptocurrency markets in the world. The growth has seen TokoCrypto, the country’s first-regulated cryptocurrency exchange, planning to go public over the next few years.
TokoCrypto CEO Pang Xue Kai told Nikkei that the exchange would go public in two to three years as it allows them to be profitable for a while. “I’m saying two years because we need to be profitable for at least more than two years before listing. We are already profitable now. Our key focus at TokoCrypto is to grow the business further, expand our operations to more parts of Indonesia and make crypto mainstream in the country,” the CEO added.
The crypto exchange is one of the most profitable in the country. According to the post, TokoCrypto has earned nearly $10 million in profits since the start of the year. The CEO added that in terms of trading volume, it is still premature for the company to think of an initial public offering (IPO). However, he thinks they will be ready in a few years.
“A close reference would be Coinbase of the U.S. Currently, we are monitoring the market, scaling the business, building the team and products,” Kai added. The cryptocurrency exchange has been around since 2018 and is the first crypto platform regulated by Indonesia’s Ministry of Trade via the Commodity Futures Trading Regulatory Agency.
TokoCrypto claims it has been experiencing massive growth in recent months, adding a new user every five seconds. Indonesia is one of the fastest-growing crypto nations in the world. According to the available government data, crypto exchanges in the country processed roughly 64 trillion rupiah ($4.44 billion) last year.