The crypto asset marketplace platform Tokocrypto will develop Indonesia’s first claimed hybrid CeDeFi (TKO) token on the Binance Smart Chain. Binance is an early-stage investor in Tokocrypto.
TKO combines Centralized Finance (CeFi) and Decentralized Finance (DeFi) mechanisms. Financial products with the DeFi mechanism are considered to help accelerate the improvement of financial literacy in Indonesia because they provide low fees, fast transactions, and easy to use.
In order to bridge the gap, Tokocrypto will focus on educating users about crypto finance and developing CeFi utilities, such as TKO Deposit, TKO Savings & TKO Cashback at Tokocrypto. Currently, Tokocrypto is building a liquid pool, while TKO is still in the process of distributing it to the community as a reward. TKO will be officially released by Tokocrypto in April 2021.
“Binance has been our support at Tokocrypto. Through this closer collaboration, it is expected to drive crypto adoption through TKO tokens throughout Indonesia. This will also allow us to leverage human resources and support throughout the BSC ecosystem,” Tokocrypto’s CEO Pang Xue Kai said.
DeFi’s existence as an open financial system is available in Indonesia. Although it is yet to be an official means of payment, Bitcoin and other crypto-assets have been recognized as commodities that can be traded in 13 crypto asset traders officially registered with BAPPEBTI. This crypto asset trading mechanism is regulated in Bappebti Regulation No. 5 of 2019.
Supported by Tokocrypto community
DeFi becomes very relevant for the Indonesian market, but there’s still no proof of successful players running DeFi. Tokocrypto has the ambition to fully support this ecosystem. One of those is by developing the community they have today.
“We want to become a DeFi platform in Indonesia, together with the community we want to initiate it. Currently, there are many products that are driven by the community,” Tokocrypto’s COO, Teguh Kurniawan Harmanda added.
Tokocrypto is the first crypto asset trader registered with BAPPEBTI. Born by a group of crypto enthusiasts who have full faith in the benefits offered by blockchain technology, Tokocrypto has a big goal to help Indonesians understand this industry and to integrate this technology into society and the global economy.
Although it’s still a lack of public interest to start investing in crypto assets, Teguh believes that market interest will begin to grow this year and in the future. One of the reasons is the support of the government and regulators, which encourage growth and awareness of the wider community of crypto assets.
“It is undeniable that there are lots of people still pessimistic about crypto assets. However, by the increasingly mature market and the growing number of stock investors, stock influencers, online motorcycle taxi drivers, to students playing with crypto assets, I am sure the market’s interest in Crypto assets will increase in number,” Teguh said.
He said that crypto-assets today and in the future are not only a place of speculation but have become a safe haven asset for the wider community. For this reason, it is wise for the community to be fully aware of what kind of funds are then worthy of being invested. Do not let personal funds or routine deposits be put into crypto-asset investments.
“For that I am responsible not only for the company but also as Chairman of the Indonesian Crypto Asset Traders Association (ASPAKRINDO), wanting to provide true and accurate education to the public about crypto-asset investment,” Teguh said.
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Original article is in Indonesian, translated by Kristin Siagian
