JAKARTA, Indonesia, April 9, 2021 /PRNewswire/ -- On, April 7, 2021, Binance Smart Chain (BSC) officially began trading their signature self-built 'Toko Token' (TKO), Indonesia's first local virtual currency project on Binance Launchpad, the largest virtual currency launchpad worldwide, according to Tokocrypto.
The currency was launched with $0.1 per coin with a total supply of 500 million shares and enables high-speed transactions at low fees. TKO recorded an oversubscription of 201,406 individuals with a total of 10,502,201 BNB at the launch date.
The TKO offers a unique hybrid feature by combining the advantages of both the Centralized Finance (CeFi) and Decentralized Finance (DeFi) model which is the first in Indonesia. 'The birth of TKO is a big achievement for us. It will be the most appropriate vehicle to help Indonesian realize the unlimited potential that we can achieve through blockchain technology,' said Pang Xue Kai, Founder & CEO of Tokocrypto platform.
Accordingly, the ResearchAndMarkets.com in December 2019 reported global fintech market are showing a significant increase in 2018, reflecting greater application of blockchain in financial services around the world. The research covered Southeast Asian countries and it forecasted blockchain market size will reach US$23.3 billion by 2023, representing a CAGR of 81% over the period from 2018 to 2023.
'The age of blockchain and virtual currency is here. With the technology from BSC that offers user-friendly services, it allows Indonesia with a large population of approximately 270 million to enjoy a financial system that is equivalent to developed countries,' said Kai.
Kai explained, as the first local Indonesian virtual currency project, TKO offers a hybrid currency model. Several services the currency offers are Exchange Platform Token that offers trading fee discounts, airdrop entitlement, merchandise redemption.
TKO can be used in deposit and savings programs such as TKO Deposit, TKO Savings, and TKO Cashback. Furthermore, as DeFi product, TKO will be integrated on third-party DeFi platforms via farming pools, lending, and more. Finally, the Tokocrypto will pioneer the Indonesian NFT landscape with Indonesia's first-of-its-kind marketplace for digital collectibles and creative assets from emerging young artists.
He continued, 'Through TKO, we aim to build an 'Indonesia Strategy' for Indonesians, where this solution can reach out to everyone in the country on top of general financial services,' said Kai.