Indonesian Crypto Exchange Ensures Compliance With Biometric Security-Based Wallet

One of Indonesia’s largest cryptocurrency exchanges will promote Avarta’s biometric security-based wallet and Trust Scoring system to its user base.

Key Points

  • Biometric security-based crypto wallet developer Avarta will collaborate with TokoСrypto.
  • TokoCrypto will promote Avarta’s wallet and Trust Scoring system to crypto users.
  • The Avarta deal marks TokoCrypto’s first foray into crypto security and compliance.

Avarta, a developer of a biometric security-based crypto wallet and authentication layer, has entered into a partnership with TokoCrypto, one of Indonesia’s largest cryptocurrency exchanges.

Avarta and TokoCrypto will jointly develop a marketing plan that will promote the former’s biometric-based crypto wallet and authentication tools to Indonesian crypto users and the country’s Web3 community. More broadly, Avarta will work with TokoCrypto to further spread the adoption and awareness of cryptocurrency in Indonesia.

Rapid crypto adoption in Indonesia

According to the “Global State of Crypto Report” issued by crypto exchange Gemini in April, Indonesia has the highest cryptocurrency adoption rate in the world. The report found that 41% of Indonesians own crypto assets.

The study also revealed that 45% of all crypto owners in the US, Latin America, and Asia Pacific first bought crypto last year. Notably, 47% of those who plan to buy crypto for the first time in the next year are women.

“Indonesia ranks high globally for overall crypto adoption, with more than two in five in the country holding cryptocurrency. […] Nearly two in three crypto investors in India (64%) and Indonesia (64%) believe that cryptocurrencies are a hedge against inflation,” the report read.

TokoCrypto’s first steps into crypto security and compliance

TokoCrypto has worked with a diverse range of blockchain startups including startups like Avarik Saga, Nanovest, and Play It Forward Dao in areas such as GameFi and decentralized finance (DeFi).

But TokoCrypto’s collaboration with Avarta marks its first direct involvement in the field of crypto security and compliance, though the company had previously been an early-stage investor in Avarta’s product development.

“As the first regulated crypto asset exchange in Indonesia, compliance, trust, and security have always been our utmost priority,” said Tokocrypto CEO Pang Xue Kai in a statement. “It’s remarkable to see how the DeFi landscape unfolds and brings about important innovations surrounding these topics,” he added.

Avarta offers a private multi-chain multi-asset keyless wallet that is accessible using biometric technology.

The company has also leveraged its multi-chain wallet aggregator to develop a so-called “Trust Scoring” system that can give users access to differentiated products such as lower collateralized loans. Avarta’s Trust Scoring system can be thought of as similar to a credit scoring system.