Crypto.com has announced that it will list its native CRO token on Indonesian digital asset exchange Indodax.
The Hong Kong-based crypto platform has taken this step to penetrate into the lucrative Indonesian market with its blockchain-powered Crypto.com Pay. The payment platform allows customers to pay for goods and services with cryptocurrency while receiving generous cashback rewards.
Hello Indonesia!??@cryptocom‘s $CRO (with IDR pairs)will be listed on @IndodaxOfficial, the leading exchange, while https://t.co/vCNztABJoG Pay will be implemented with the Yoshugi Media Group. Bringing crypto to 260 Million more wallets! More here-https://t.co/qPs1KzGa20 #crypto pic.twitter.com/LVNVbjRmhR
— Crypto.com (@cryptocom) March 12, 2019
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Partnering with Local Business to Capture the Market
Moreover, to get a grip on the new market, the blockchain firm has partnered with the local e-commerce giant Yoshugi Media Group to implement Crypto.com Pay.
Commenting on the expansion, Kris Marszalek, co-founder and CEO of Crypto.com, said: “Indonesia is a vibrant market with over 260 million people. We look forward to developing closer ties with both Indodax and the Yoshugi Media Group as we seek to serve our customers in the rapidly growing ASEAN market. We see Crypto.com Pay driving the adoption of cryptocurrency as a mode of payment and CRO token as the ultimate way to settle cross-currency payments instantly and inexpensively.”
Making a Major Impact on the Market
As the reports of the company’s south-east Asian expansion surfaced, the value of Crypto.com Chain token (CRO) spiked to gain around 147 percent, according to Coinmarketcap.com data. As of press time, the token is trading at around $0.05, holding $183 million in market capitalization.
“As a company specializing in cross-border business, we sell products around the world with customers paying with various currencies,” Yoyok Rubiantono, chairman of Yoshugi Media Group, added. “We believe working with Crypto.com Pay we will be able to cut the exchange rate on fund transfers, reduce the processing fees, and speed up the payment proceeds and flow.”
The company is also planning to extend its services in the United States and Europe later this year and appointed an ex-Rovio Entertainment executive to head and strategize its growth.