{"id":282691,"date":"2022-12-20T00:23:00","date_gmt":"2022-12-20T00:23:00","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=282691"},"modified":"2022-12-20T00:23:00","modified_gmt":"2022-12-20T00:23:00","slug":"binance-completes-acquisition-of-tokocrypto-exchange-tko-token-surges-10","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-completes-acquisition-of-tokocrypto-exchange-tko-token-surges-10\/","title":{"rendered":"Binance completes acquisition of Tokocrypto exchange, TKO token surges 10%"},"content":{"rendered":"<p>Leading crypto exchange <a href=\"https:\/\/cryptoslate.com\/?s=Binance\">Binance<\/a> is set to fully acquire Indonesian-based <a href=\"https:\/\/cryptoslate.com\/coins\/tokocrypto\/\">Tokocrypto,<\/a> following a 100% share ownership in the exchange.<\/p>\n<p>As early as 2020, Binance invested in Tokocrypto and owned about a 60% stake in the exchange. As per Coindesk Indonesia, Binance will gradually increase its stakes to about 100%.<\/p>\n<p>Binance CEO <a href=\"https:\/\/cryptoslate.com\/people\/changpeng-zhao\/\">Changpeng Zhao<\/a> confirmed the report, stating that Binance has injected more funds to increase its ownership of the Indonasian-based exchange.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Binance was the majority shareholder of Toko from the beginning. Just injected more cash and increased our shareholding a bit. <a href=\"https:\/\/t.co\/NIeYYxzPdU\">pic.twitter.com\/NIeYYxzPdU<\/a><\/p>\n<p>&mdash; CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1604802854400790530?ref_src=twsrc%5Etfw\">December 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The deal will see Binance acquire the remaining 40% shares of Tokocrypto, to become the sole owner of the regulated crypto exchange.<\/p>\n<p>Tokocrypto co-founder Pang Kai said the acquisition would help the exchange leverage Binance's capabilities to continue contributing to advance Indonesia's digital economy.<\/p>\n<p>Following the acquisition, Pang Kai will step down from his role as CEO, while Yudhono Rawis will serve as the interim CEO.<\/p>\n<h2>Tokocrypto slashes workforce slashed by 58%<\/h2>\n<p>Tokocrypto interim CEO Yudhono Rawis said the exchange will streamline its operations and focus only on the exchange business unit.<\/p>\n<p>In addition, Rawis said\u00a0that due to unfavorable market conditions, the exchange will lay off about 58% of its employees.<\/p>\n<blockquote><p>&#8220;It is regrettable that we had to downsize the company to ensure that we remain in a good position to deal with uncertain macroeconomic conditions and we express our sincere apologies to the affected employees,&#8221; Rawis added.<\/p><\/blockquote>\n<p>According to Rawis, the exchange will support the affected employees and help recommend them for jobs in other Web3 companies, including Binance.<\/p>\n<p>Following the news of Tokocrypto's acquisition, the exchange's <a href=\"https:\/\/cryptoslate.com\/coins\/tokocrypto\/\">TKO token<\/a> has surged by over 10% to trade at $0.32 in the last 24 hours, according to <em>CryptoSlate<\/em> data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading crypto exchange Binance is set to fully acquire Indonesian-based Tokocrypto, following a 100% share ownership in the exchange. As early as 2020, Binance invested in Tokocrypto and owned about a 60% stake in the exchange. As per Coindesk Indonesia, Binance will gradually increase its stakes to about 100%. Binance CEO Changpeng Zhao confirmed the [&hellip;]<\/p>\n","protected":false},"author":1378,"featured_media":282944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77928],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance completes acquisition of Tokocrypto exchange, TKO token surges 10%<\/title>\n<meta name=\"description\" content=\"CZ confirmed that Binance was a majority shareholder from 2020, but has injected more funds to increase its shares.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-completes-acquisition-of-tokocrypto-exchange-tko-token-surges-10\/\" \/>\n<meta property=\"og:locale\" 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