Tokocrypto lays off 20% of employees, pushes back IPO plans

A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration

Indonesian cryptocurrency exchange Tokocrypto announced on Wednesday a decision to trim its manpower and separate its community hub and NFT marketplace platforms into separate entities.

Tokocrypto laid off 20% of its 227 employees due to “some consideration in business focus shifting,” the company said in a statement.

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