- Tokocrypto has partnered with Avarta for mutual development.
- Brunei’s Prince Qawi, also the chairman of Avarta, attended the signing.
- Both companies look to promote crypto adoption in Indonesia.
Tokocrypto, Indonesia’s top crypto exchange, has inked a partnership deal with Avarta, a biometric-based crypto wallet and authentication layer, to develop authentication, security, and compliance for its platform.
The partnership deal was sealed during the MOU signing conference attended by key individuals, including Avarta Chairman and Brunei Prince Abdul Qawi, Avarta COO Hong Loon, Tokocrypto CEO Pang Xue Kai and Tokocrypto CSO Chun Ying, among others.
According to a release shared with CoinQuora, Tokocrypto will introduce Avarta’s wallet-based Trust Score authentication and cybersecurity system to its users. A Trust Score is a score ranging from 0 to 1 indicating how much a device can be trusted.
Aside from several cybersecurity solutions that providers offer, Trust Score protocols have already been employed by many companies from various industries to ensure security for both users and businesses.
Tokocrypto’s research and development (R&D) team will also help Avarta tailor its platform and align it with Indonesia’s crypto regulations and current market. Interestingly, the Southeast Asian country has more than 11.2 million crypto investors, outnumbering the 7.3 million citizens who invest in traditional stocks.
Avarta will work with the exchange in increasing said number of investors as it looks to promote crypto adoption and awareness in the nation. Furthermore, Avarta will work with Tokocrypto to develop a joint marketing plan that will promote Avarta’s crypto wallet and authentication tools to Indonesia’s Web3 community.
On May 24, Avarta will be listed as the first project in T-launchpad, the exchange’s launchpad. This coincides with the platform’s public sale. Meanwhile, its IDO is slated for June 8 of this year.
In related news, Avarta has been selected to participate in Tokocrypto’s Sembrani Blockchain Accelerator program, an initiative by BRI Ventures. BRI Ventures is the venture arm of Indonesia’s largest government-owned bank.