Binance Launchpad To Run Token Sale of Tokocrypto, the first Indonesian local cryptocurrency project
Binance Launchpad, Binance’s exclusive token launch platform for transformative blockchain projects announced its support for Tokocrypto - the first Indonesian local cryptocurrency project. Tokocrypto focuses to leverage on a unique hybrid token model which bridges the utilities of centralized finance (CeFi) and decentralized finance (DeFi) for the benefit of the masses.
Tokocrypto’s TKO is set to be the 5th project on Binance Launchpad in 2021. TKO token sale will follow the Launchpad’s new subscription format, with the recording of users’ BNB balance starting at 2021-03-31 0:00 AM (UTC). Binance will record user BNB balances for 7 days from 2021-03-31 0:00 AM (UTC) to 2021-04-07 0:00 AM (UTC). The final BNB holding amount for each user will be determined as the average of the 7 days, using the Daily Average BNB Balance calculation.
Through its TKO project, Tokocrypto aims to help Indonesians gain a broader knowledge of the crypto industry as well as to integrate blockchain technology as an integral part of society and subsequently, the global economy. For the benefit of the uninitiated, Tokocrypto is one of Indonesia’s leading cryptocurrency exchanges which was officially launched in September 2018 and became the first entity in Indonesia to be registered under the Commodity Futures Trading Regulatory Agency Indonesia (BAPPEBTI) in November 2019.
The partnership between Binance and Tokocrypto dates back to June 2020. As a result of the partnership IDR (BIDR), an industry-leading rupiah-based stablecoin, which serves as an integral fiat gateway for millions of Indonesians was launched.
From the macro perspective of the Toko Ecosystem, the synergy between TKO and BIDR would offer a seamless experience through the provision of a hassle-free fiat gateway to ensure easy access to crypto assets and the DeFi market. As to the token economics management of TKO, every quarter Tokocrypto will utilise a portion of the trading volume generated on its crypto-to-crypto platform to burn TKOs amounting up to 10% of the total TKO supply as part of Tokocrypto’s continuous efforts to balance the supply and demand mechanism for TKO. In terms of its utility, TKO will function as Tokocrypto’s exchange platform token which offers trading fee discounts, airdrop entitlement, merchandise redemption, and other incentives.
Additionally, holders of TKO tokens will be entitled to participate in deposit and savings programs such as TKO Deposit, TKO Savings, and TKO Cashback. Moving forward, the planned cross-platform DeFi use cases for TKO includes the integration of TKO’s functionalities on third-party DeFi platforms via farming pools, lending, and more. Last but not least, Tokocrypto will be breaking new ground in the context of the Indonesian non-fungible token (NFT) landscape through the establishment of Indonesia’s first-of-its-kind marketplace for digital collectibles and creative assets from emerging young artists whereby TKO would serve as the backbone of the platform and the payment gateway between these creators and their audience.
“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”, said Tokocrypto CEO Mr. Pang Xue Ka. “By building on BNB Smart Chain, this will help us to realize limitless potential that we can achieve through blockchain technology. And hopefully, to build a one-and-only digital economy for Indonesia”.
"The popularity of NTFs has skyrocketed to unprecedented heights. Tokocrypto's initiative to create Indonesia's first NFT marketplace will be actively supported by the entire crypto community", said Binance CEO and Founder, CZ (Changpeng Zhao). "We are pleased to provide our support for Tokocrypto and help grow the Indonesian crypto space together”.
Learn more about TKO in Binance Research’s in-depth report:https://research.binance.com/en/projects/tokocrypto