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Crypto exchange platforms in Indonesia are starting to falter

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Avatar for qheer92
Written by   116
1 week ago
Topics: Crypto, Exchange, Market

Storm of layoffs or reductions in workers is approaching startups from Indonesia, this time coming from Tokocrypto. Cryptocurrency trading platform has shed about 20% of its 227 employees in consideration of a change in business focus.

Image by Thought Catalog from Unsplash

According to a spokesperson for Tokocrypto, this decision is based on results of analysis and predictions that have been made by management in anticipating prolonged conditions of crypto market and global economy.

This Binance-affiliated company announced a change in business strategy as a form of adaptation to current conditions. Several steps finally had to be taken by management, both externally and internally, one of the steps they had to take was to reduce 20% of employees.

For employees affected by reduction, company will provide recommendations to web3 and blockchain companies that have been Tokocrypto's partners.

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In addition to reducing employees, Tokocrypto will also strengthen its core business as an exchange platform and separate T-Hub and TokoMall into separate entities. They will also transfer some employees to the business.

T-Hub is a blockchain community platform that manages several locations in Indonesia, including one in Bali. Meanwhile, TokoMall is a platform for making (minting) and buying and selling non-fungible tokens (NFT).

Internal steps taken were to transfer several employees to business units that have become different entities, namely T-Hub and TokoMall, adjusting the number of employees around 20% of 227 employees with consideration of changes in business focus so that company can remain stable in facing the crypto market which is currently still pathetic.

Management also guarantees that any changes that occur within the corporation will not affect operational standards that have been set to serve all Tokocrypto users.

Previously, CEO of Tokocrypto revealed that decline in price of crypto assets in global market made investors lazy to transact. So that average transaction volume on Tokocrypto fell by 50% from peak period. However, Tokocrypto has a strategy to maintain company's performance and keep price of crypto assets stable.

One of the strategies is that Tokocrypto opens wide access to staking products that generate on-chain rewards for its users. Hopefully crypto market will strengthen again, so that more investors can transact and global economy can also improve.

Reference source: https://www.cnbcindonesia.com/tech/

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Written by   116
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Topics: Crypto, Exchange, Market
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Comments

Uis, neng nene bae sig ora nana PHK"an. Haha

$ 0.01
1 week ago

Karuan ora nana, tapi nek dinobatkan sebage spamer ya pada bae mlongo. Wkwkwk

$ 0.00
1 week ago

With the way things are going on these days especially the economy, it is inevitable that businesses had to resort to drastic measures to save the company.

$ 0.01
1 week ago

You are right my friend, even if must to sacrifice crew, company must survive in a bad economy condition.

$ 0.00
1 week ago

Sampean wallet nanggo tokocrypto to kang?

$ 0.01
1 week ago

Iyo kang, biaya penarikane rodok murah, mung sepuluh ewu haha. Lek nganggo indodak koyone selawe ewu

$ 0.00
1 week ago

Murah ternyata yo kang. Bener kui kang indodak pajeke selawe ewu. Tapi biasane saldo bch sing tak dol kui tak ubah ke vocer kang. Bar iku tak dol Nang situs excanger pajeke limangewu limangatus.

$ 0.00
1 week ago

Mbien Tokocrypto yo pajekke mangewu kang, lagek sakwulan iki mundak sepuluh ewu, koyone dampak BBM. Hahaha

$ 0.00
1 week ago

There is hardly any crypto platform that doesn't falter!

$ 0.01
1 week ago

Yeah, cause this condition

$ 0.00
1 week ago

Why it's name is toko crypto why not indo crypto if it is in Indonesia 😑😑😑

$ 0.01
1 week ago

TOKO if translated into English is a market, so Tokocrypto means a crypto market

$ 0.00
1 week ago

Ok, i get it know, BTW your name is real or it is just a nick?

$ 0.00
1 week ago

That is my last name bro.

$ 0.00
1 week ago