Introduced, Toko Token (TKO), the first local Indonesian Cryptocurrency Project to cater a unique hybrid token model – of CeFi and DeFi utilities – to the masses.
Jakarta, March 30, 2020 - Cryptocurrency is significantly a decade old and Asia is taking a leading role in the development of the crypto industry. The nations in the region are competing to become cryptocurrency and blockchain hubs, as a number of forward-looking Asian countries have vented their views in this space. In a CoinGecko report, a 706 percent increase was seen in the number of new exchanges added in the last 18 months, amounting to 318 new exchanges, where 40 percent of them were from Asia.
As the fourth most populous country in the world, Indonesia is home to a largely cash-based and offline community. Google, Temasek, Bain & Company report in October 2019 noted that there were 92 million Indonesians in the unbanked segment (50.83%), followed by the banked segment at 42 million people (23.20%), and the underbanked segment 47 million (25.97%). Although it may seem like a serious challenge, many financial analysts believe that unbanked users could be the next big thing in digital currency, especially blockchain. It’s because digital currency doesn’t necessarily require users to have a bank account.
Back in February 2019, the Indonesian government announced that it was creating legal frameworks through which cryptos and digital asset futures will operate. This came just a few days after the Commodity Futures Trading Regulatory Agency (or Bappebti) announced that bitcoin and other cryptocurrencies would be classified as trading commodities. The regulation defines crypto-assets as intangible commodities in the form of digital assets using cryptography, peer-to-peer networks, and distributed ledgers, to regulate the creation of new units, verify transactions, and secure transactions without interference from other companies.
Indonesia has 2 million registered crypto investors, the same number of investors in the Indonesia Stock Exchange. In terms of customer education, there’s still a lot of room for investors to understand blockchain.
“Bappebti has already listed 13 companies that are eligible for crypto-asset trading and certified them as potential Crypto-Asset Physical Traders and Tokocrypto became the first entity in Indonesia to be registered under the Commodity Futures Trading Regulatory Agency Indonesia (BAPPEBTI) in November 2019. Tokocrypto's vision is to help Indonesians gain a broader knowledge of the industry and to integrate the technology into society and subsequently, the global economy. Over the last three years, Tokocrypto has achieved multiple milestones including 30,000+ weekly active traders, >$25,000,000 USD daily trading volume, 200,000+ downloads since mobile app launch in October 2020, and a user base of 270,000+ registered users, our community growth 200% from 2020 - Q1 2021”, said Pang Xue Kai, CEO of Tokocrypto.
Tokocrypto is in the unique positioning to combine the benefits of CeFi and Defi, merge them, and offer a solution to the Indonesian Market. Today (03/30/2021), Tokocrypto proudly presents Toko Token (TKO), the first local Indonesian Cryptocurrency Project to offer a unique hybrid token model with CeFi and DeFi utilities, built on Binance Smart Chain to create the holistic Toko Ecosystem. TKO is Tokocrypto’s native utility token and has the following functions; Exchange Platform Token; Participation in CeFi Programs; Cross-Platform DeFi Use Cases, NFT Marketplace.
“TKO is Indonesian People's Token, what we want to build is an "Indonesia Strategy" for Indonesians, where this solution can reach out to everyone in the country on top of just financial services. By building on Binance Smart Chain, will help us to realise the limitless potential that we can achieve through blockchain technology. And hopefully, to build a one-and-only digital economy for Indonesia”, Kai said.
Link Reference:
Toko Token (TKO) Litepaper: bit.ly/TKOlitepaperV2
How to get The TKO: bit.ly/howtogetTKO
Binance Announcement: bit.ly/BinanceAnnouncementTKO
Binance Research: bit.ly/BinanceResearchTKO
TKO Binance Launchpad: bit.ly/TKOlaunchpadBinance
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