Tokocrypto x Binance: Tokenizing a Synergistic Partnership with Toko Token (TKO)
Back in 2017, Tokocrypto’s co-founder and CEO, Pang Xue Kai was studying the crypto market when he had an eureka moment as he noticed how Bitcoins were traded on Korean exchanges at higher prices compared to global exchanges due to something which is colloquially known as the kimchi premium. Armed with his razor sharp investment acumen, Kai immediately saw an opportunity for cryptocurrency in Indonesia whereby in the words of Kai himself, “I saw a similar trend happening in Indonesia that local crypto enthusiasts called rendang premium.” For the benefit of the uninitiated, rendang is a rich and tender coconut beef stew recipe that is popular in Indonesia.
With the sheer geographical and population size of Indonesia resulting in there being about 181+ million people living without access to financial services i.e. unbanked, Kai with his telescopic vision foresaw the potential for blockchain in general and cryptocurrencies in particular to be a technological game changer which could unleash a wave of financial inclusion to bank the unbanked in the country by harnessing the immense potential of financial technology (FinTech). As the first step to transform his vision into reality, Kai together with fellow co-founder Teguh Kurniawan Harmanda established Tokocrypto in September 2018 with the mission of providing crypto investors in Indonesia with a platform through which they can undertake crypto trading with minimal trading fees i.e. 0.1% of transaction value.
Hand-in-Hand All the Way to the Indo Crypto Summit
Under Kai’s astute stewardship, Tokocrypto’s performance in the one year and nine months following its establishment was so impressive that in May 2020, Binance which is the world’s largest crypto exchange in terms of trading volume invested an undisclosed sum in Tokocrypto which by then had acquired its pioneering credentials as the first entity in Indonesia to be registered with the Commodity Futures Trading Regulatory Agency Indonesia (BAPPEBTI) having done so in November 2019. In the same month, Binance’s backing extended to cover the area of technical support as Tokocrypto 2.0 was launched as an upgraded cryptocurrency exchange powered by Binance Cloud. With the backing of Binance, the sky was the limit for Tokocrypto and by the end of 2021 the average daily trading volume of Tokocrypto’s exchange had skyrocketed by more than 270 times i.e. 27,000% to USD190+ million from that of USD700,000+ in May 2020.
Given Indonesia’s booming crypto market as illustrated by data released by the country’s Ministry of Trade which indicates that as of August 2021 there were about 6.5 million crypto traders in the country as of June 2021 which has surpassed the number of local stock investors which stood at just 5.37 million, it is not too surprising to find that more and more new market entrants are eyeing a slice of the Indo crypto pie. We at Tokocrypto are of the opinion that this can only be good for the market particularly for crypto users in Indonesia as they would be able to enjoy higher quality services at lower price levels in addition to having more choices and a wider variety of services to choose from as local crypto exchanges push each other to the limits in their never-ending search for innovation in the spirit of healthy competition.
When it comes to acing the competition, Tokocrypto, Indonesia’s most trusted crypto exchange has the upper hand thanks to our first mover advantage. We have had a head start which has enabled us to establish a strong brand recognition and customer loyalty among local crypto users as evidenced by our 1.5+ million users. With the continuous unwavering support of Binance, Tokocrypto will be cementing our position as the top cryptocurrency exchange in Indonesia by expanding our market share and enlarging our customer base as our trading volume and number of users continue increasing with every passing day.
Attaining Conceptual Congruence through TKO
On 7 April 2021, Tokocrypto’s partnership with Binance reached a whole new level when Tokocrypto launched Toko Token (TKO) which is a Binance Smart Chain (BSC)-based BEP20 token that serves as the native utility token for Tokkocrypto’s ecosystem i.e. Tokoverse. Taking the partnership between Tokocrypto and Binance even further to reach unprecedented heights, the launch of TKO on the Binance Launchpad in April 2021 was a roaring success resulting in a record-breaking 50,000% oversubscription of its hard cap of 75 million units from 201,406 individuals, with a total of 10,502,201 Binance Coin (BNB) (approximately USD 4 billion in value based on the price of BNB on 7 April 2021) subscribed for the launch.
Conceptually, Tokocrypto’s TKO with its unique hybrid centralized finance (CeFi) and decentralized finance (DeFi) token model is the functional embodiment of the underlying CeDeFi concept of Binance Smart Chain (BSC) which was deployed by Binance in September 2020 with the aim of integrating DeFi features as part of the operational framework of its centralized exchange. With TKO’s wide range of staking options which include BiSwap, PancakeSwap, Autofarm and Moonfarm, Tokocrypto has contributed to BSC’s total value locked (TVL) which stood at USD16+ billion as of 3 January 2022.
The main purpose behind the conception of TKO is to promote financial inclusion in Indonesia by serving as a technological gateway for the unbanked population in the country. In this regard, TKO has already made a good head start as just half a year after its launch, there are about 55,000+ Indonesians who are holding about 6+ million TKOs whereby Tokocrypto would be reaching out to the remaining 200+ million potential onboards to the TKO ecosystem through our 1TKO1Indonesia initiative which aims to open the door to Tokoverse to everyone in Indonesia so that each and every resident of the country can harness the infinite potential of cryptocurrency through TKO particularly its financial inclusivity features for those who are unbanked.
Driven by the synergies of Tokocrypto’s partnership with Binance, TKO is set to unleash a wave of financial technological revolution in Indonesia which would then traverse across the rest of the world through our Tokoverse strategy which has as its fundamental aim the global expansion of TKO through the creation of tactical functionalities for the token by equipping it with a full spectrum of use cases in multi-industries with the prospects of multi-nationalities.
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