Tokocrypto Develops CeDeFi Token on Binance Smart Chain

Platform marketplace crypto asset Tokocrypto will develop the first claimed hybrid CeDeFi (TKO) token in Indonesia on top of the Binance Smart Chain. Binance itself is a early stage investors Tokocrypto.

TKO combines Centralized Finance (CeFi) and Decentralized Finance (DeFi). Financial products with the DeFi mechanism are considered to be able to help accelerate the improvement of financial literacy in Indonesia, because they provide low costs, transaction speed, and are easy to use.

To bridge the gap, Tokocrypto will initially focus on educating users about crypto finance and the development of CeFi utilities, such as TKO Deposits, TKO Savings & TKO Cashback at Tokocrypto. Tokocrypto is currently building liquid pools, while TKO is still in the process of being distributed to the community as a form of rewards. TKO will officially be released by Tokocrypto in April 2021.

"Binance has always been our strong supporter at Tokocrypto. Through this closer collaboration, we hope to be able to drive crypto adoption through the TKO token to more regions in Indonesia. This will also allow us to leverage human resources and support across the BSC ecosystem,' ' said Tokocrypto CEO Pang Xue Kai.

The existence of DeFi as an open financial system can already be enjoyed in Indonesia. Although not yet an official payment instrument, Bitcoin and other crypto assets have been recognized as tradable commodities at 13 crypto asset traders who are officially registered with BAPPEBTI. This crypto asset trading mechanism is regulated in CoFTRA regulation No. 5 of 2019.

Tokocrypto community support

DeFi has become very relevant for the market in Indonesia, but so far no player has succeeded in running DeFi. Tokocrypto's ambition is to fully support the ecosystem. One of them is by strengthening the community they currently have.

"We want to be a DeFi platform in Indonesia, together with our community we want to initiate. Currently, there are many products that are driven by the community," added COO of Tokocrypto Teguh Kurniawan Harmanda.

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 the industry and to integrate the technology into society and the global economy.

Although he admits that public interest is still low to start investing in crypto assets, Teguh believes that this year and in the future, interest from the market will start to grow well. One reason is the support from governments and regulators, which drive growth and awareness to the general public towards crypto assets.

"It is undeniable that there are still many people who are pessimistic about crypto assets until now. an influencer stock, motorcycle taxi driver courses to students who play with crypto assets, I believe the market interest in crypto assets will increase in number," said Teguh.

He added that crypto assets today and in the future are not only a place for speculation, but have become safe haven assets for the wider community. For this reason, it is wise for the community to be fully aware of what kind of funds are then worth investing in. Don't let personal funds become routine deposits, then put them into crypto asset investments.

"For that I am responsible not only for the company but also as the Chairperson of the Indonesian Crypto Asset Traders Association (ASPAKRINDO), wanting to provide true and accurate education to the public about investing in crypto assets," said Firm.