Avarta Signs Security and Compliance Partnership With Tokocrypto

Tokocrypto, Indonesia’s top crypto asset exchange, has partnered with Avarta, the developer of the next generation of biometric security-based crypto wallets and authentication layers. The two platforms will work together on a number of mutually beneficial business developmental projects. Also, they will collaborate on expertise exchange and cooperative marketing efforts to help each other increase their respective crypto and blockchain presence.

Interestingly, this isn’t the first time the two companies have worked together. The companies have enjoyed a good partnership previous to finalizing their cooperation, with Tokocrypto serving as a strategic investor in Avarta.

Avarta and Tokocrypto’s interest in Indonesia’s burgeoning crypto economy

More than 11.3 million people in Indonesia have invested in cryptocurrency, compared to just 7.3 million people who have invested in the stock market. Therefore, this underlines the immense growth potential for digital assets market, considering its 273 million people. The government interest is also a strong incentive.  Tokocrypto’s Sembrani Blockchain Accelerator program, which is also funded by BRI Ventures, the VC arm of Indonesia’s largest government-owned banks, has selected Avarta as one of the first participants.

Tokocrypto’s participation in crypto security and compliance is now a whole lot deeper with the company’s new partnership with Avarta. It sets the foundation for  Avarta to engage with Tokocrypto in an effort to promote crypto adoption and awareness in Indonesia.

“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.

Trust Score, a wallet-based authentication and security mechanism developed by Avarta, is a major focus for Tokocrypto in Indonesia. Also, Tokocrypto will assist Avarta in customizing their platform to meet the specific requirements of Indonesia’s rapidly expanding crypto sector through their research and development team. For their part, Avarta will list their project as the first project on their launchpad, T-Launchpad, which will launch on May 24, 2022. The sale will be in form of an Initial DEx Offering (IDO), slated for the 8th June 2022.

“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,” Tokocrypto CEO Pang Xue Kai stated in a statement.

Avarta’s permissionless system complies with regulations, allowing consumers to make secure digital transactions from any mobile device, leveraging military-grade security.