Indonesia-backed cryptocurrency exchange Tokocrypto has invested undisclosed amounts in five blockchain-focused companies across Southeast Asia, DealStreetAsia reported on Monday.
The companies include Indonesia-based digital asset marketplace Nanovest and Avarik Saga, the Indonesia-headquartered developer of a play-to-earn metaverse fantasy-medieval strategy game with non-fungible token (NFT)-based characters that already counts esports companies RRQ and Evos as backers.
Avarta, a Singapore-headquartered blockchain authentication technology and wallet provider that uses biometrics to authenticate users across the metaverse, has also received funding, as has Diamond Protocol, a Singapore-based modular launch protocol developed by blockchain wallet provider Coinomo.
The corporate additionally invested in Singapore-based gaming guild Play it Forward DAO as part of a $6m funding round co-led by United Overseas Bank’s UOB Venture Management unit, Signum Ventures and Kyber Ventures in January this year that included blockchain asset marketplace Mintable.
Tokocrypto launched a blockchain-focused accelerator with BRI Ventures, the corporate venturing arm of state lender Bank BRI, in January 2022 that focuses on post-seed-stage startups dealing in blockchain technology.
Digital currency exchange Binance invested in Tokocrypto in mid-2020 before investment firm Signum Capital added a similarly undisclosed amount in December 2021. DealStreetAsia reported that it could look to close a pre-IPO round by the end of September 2022 with a view to potentially going public within the next two years.
Tokocrypto’s chief executive, Pang Xue Kai, told DealStreetAsia: “Our mission is to bolster blockchain adoption and nurture the industry … investing in diverse blockchain startups is one of our strategies to achieve that.”
“Tokocrypto has a long-term development agenda for its token offering, which has its focal point on the sustainable growth of its ecosystem i.e. Tokoverse, which today spans not just our exchange, but also an NFT marketplace (TokoMall), our incubator and accelerator programme (TokoLabs), our offline community hub (T-Hub), our upcoming IDO platform and many more in the pipeline.”
Image courtesy of Tokocrypto.
