A Cryptocurrency Exchange from Indonesia is Considering Initial Public Offering
According to the latest reports, a Tokocrypto has shared the intentions of debuting publicly. So far, the cryptocurrency exchange has revealed that it is only considering its options of launching itself in the public market.
Tokocrypto is a cryptocurrency exchange that is currently operating and offerings its services in Jakarta. The cryptocurrency exchange has announced that it is planning to launch itself publicly in the next two or three years.
The information around the exchange going public has been gathered and shared by a local media group Nikkei on Wednesday, June 2, 2021.
Pang Xue Kai, the CEO at Tokocrypto at clarified why they are considering going public in 2 to 3 years. Kai stated that going public is not as easy as it may seem or a company may perceive it to be. Before the company can go public, it needs to show and prove that it is profitable and trustable by the investors.
Therefore, the company needs to spend at least two years or a max of three years to demonstrate its profitability. This is a target that the company has set upon itself before it goes for public listing and launching its stocks in the market.
Kai stated that they are closely monitoring the performance and profitability of their company. So far, the company is demonstrating a profitable trend and is observing a lot of growth. Their focus is also to grow further and become more and more profitable for the users.
The exchange is planning to expand its services more inside Indonesia and cater to as many users from the country as possible. The focus and goal of the company are to gain enough exposure that it becomes profitable for mainstream markets.
Kai also stated that for now, the exchange cannot go public because of its market valuation. Therefore, the company cannot proceed with an initial public offering (IPO) at present. Though the company has plans for it, yet the plans are in the pipeline and would not be executed until two years at the least.
Kai stated that the exchange plans on following in the footsteps of Coinbase, which is based in the United States. He stated that Coinbase has recently launched its stocks in the public market back in mid-April. Therefore, they are currently tracking the performance of the company to see exactly where it goes.
They are also comparing the US market with the Indonesian market to see what kind of response Coinbase gets from the US investors. Then they would monitor and compare the interest of investors in the Indonesian markets before they proceed with launching the IPO.
Tokocypto is one of the most successful cryptocurrency exchanges in Asia that was launched back in 2018. The exchange is also supported by one of the largest exchanges in the entire world, Binance.