Toko (CRYPTO: TKO), the native token of the Indonesian cryptocurrency exchange Tokocrypto is up more than 50% after reports said that Binance is in talks to acquire the exchange.
What Happened: According to Tech in Asia, Pang Xue Kai, the CEO of Tokocrypto will vacate his position if the buyout by Binance is successful.
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The report also claims that Tokocrypto is likely to announce job reductions if the transaction goes through.
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In September, Tokocrypto laid off 20% of its workforce in response to the turmoil in the broader crypto market.
Binance has habitually employed acquisitions to venture into fresh markets. The latest is the Japanese crypto Sakura Exchange Bitcoin.
In November, Binance tried to acquire the now-defunct FTX as well but the organization decided to back away from the agreement because of FTX's dire financial troubles. Subsequently, FTX declared bankruptcy.
Price Action: At the time of writing, TKO was trading at $0.42, according to Benzinga Pro.