Indonesian cryptocurrency exchange Tokocrypto and public EVM-compatible blockchain firm TomoChain have signed a memorandum of understanding in Jakarta, establishing a strategic partnership to promote wider use of blockchain technology in Indonesia.

Speaking at the signing ceremony on March 28, Tokocrypto CEO Pang Xue Kai recognized TomoChain as being “a blockchain platform that works quickly, efficiently and is adjusted easily by programmers”. He added that the collaboration fits Tokocrypto’s business strategy to set up local and foreign blockchain projects.

Pang further revealed that in “the near future”, Tokocrypto will launch five new stablecoins on its exchange.

Tokocrypto recently rolled out its new private trading feature for its premium users and institutional clients to make large trades via its over-the-counter (OTC) system for free. Private trading supports 10 coins — BTC, BCH, ETH, XRP, DGX, USDT, USDC, USDS, PAX, and GUSD.

“The strategic collaboration with TomoChain will help Tokocrypto become an advanced crypto asset trading platform. We hope TomoChain will also encourage the application of blockchain technology in Indonesia,” Pang said.