Indonesian exchange Tokocrypto taps Avarta’s authentication features
Binance-backed Indonesian crypto exchange Tokocrypto has entered into a strategic partnership with multi-chain wallet provider Avarta, which taps biometrics security, Trust Score records, and cybersecurity platform to support the DeFi ecosystem.
The alliance will see Avarta and Tokocrypto collaborate on a range of business development initiatives to bolster the growth of each other’s presence in relevant crypto and blockchain sectors.
Tokocrypto plans to promote Avarta’s unique authentication and cybersecurity system among Indonesian cryptocurrency users and the broader Web3 community. Avarta came up with innovative solutions to address the user ID challenges in the DeFi universe as well as traditional markets.
Since its birth in 2017, the developer team behind the user-controlled crypto authentication layer had Prince Abdul Qawi, Prince of Brunei, backing their project from its initial seed round.
Today, Avarta joins forces with Tokocrypto to customize its platform to suit Indonesia’s crypto regulations. In parallel, Avarta will be the first project hosted on Tokocrypto’s upcoming launchpad, T-Launchpad.
“Indonesia is one of the fastest growing Web 3.0 markets globally. Avarta is excited to be partnering with TokoCrypto, one of the most prominent names in Indonesia to grow the ecosystem together.”, His Royal Highness Prince Abdul Qawi of Brunei Darussalam, the Chairman of Avarta commented.
Tokocrypto is eyeing a public listing
“We are excited to be working with the leading exchange in Indonesia and one of the largest in South East Asia. Working together, we aim to ensure both the highest levels of security and trust in the marketplace,” Matthew Ainscow, CEO of Avarta, added in a statement.
“As the first regulated crypto asset exchange in Indonesia, compliance, trust and security have always been our utmost priority, and it’s remarkable to see how the DeFi landscape unfolds and brings about important innovations surrounding these topics such as Avarta,” added Pang Xue Kai, CEO of Tokocrypto.
In 2020, Tokocrypto had received an undisclosed investment from Binance as the crypto giant acquired a controlling stake. As Indonesia’s first regulated crypto exchange, the company has been building out new products and services, improving the tech stack and expanding its customer base. Per its CEO, Tokocrypto, which is regulated by Indonesia’s commodity futures trading regulator, Bappebti, is also eyeing a public market listing in the next two years.