21 July, 2021
The multi-million-dollar question now is: what’s next for digital currencies? The answer will be found in Asia. The likely outcome in Asia is that the trend becomes the norm. China is leading the world in central bank digital currency deployment along with Cambodia, while Singapore has cautiously positioned itself to be a major player using a different approach. In each case, Asian economies are on the cutting edge of innovation, while avoiding the pitfalls of bitcoin by ensuring government sovereignty over currency, not having a common currency with other economies, and allowing for the supply of their currencies to be adjustable.
Indonesia stands out as it has the largest economy in this region. The importance of financial inclusion for the socio-economic growth of developing countries such as Indonesia can be gleaned from McKinsey Global Institute’s report titled “Digital Finance For All: Powering Inclusive Growth in Emerging Economies” which estimated that improvements to the rates of financial inclusivity could add up to USD3.7 trillion to the gross domestic product (GDP) of the economies of developing countries during the period from 2016–2026. The role of financial inclusion for developing countries such as Indonesia is made particularly critical due to the seemingly never-ending economic onslaught of the Covid-19 pandemic.
With Indonesia being the world's largest archipelago comprising more than 17,000 islands, securing access to financial services for the masses in the country particularly those living in remote areas is a logistical nightmare using conventional financial frameworks. Yet at the same time, the nexus between financial inclusion and socio-economic growth is very much an incontrovertible fact. It was against this contextual backdrop that Tokocrypto which is the first entity in Indonesia to be registered under the Commodity Futures Trading Regulatory Agency Indonesia (BAPPEBTI) took up the challenge of leveraging cryptocurrency to promote financial inclusion as a remedy for the country's Covid-19 battered economy. Hence on 7 April 2021, a crypto star was born as Tokocrypto officially began the trading of its Toko Token (TKO), the world's first cryptocurrency with a unique hybrid token model which combines the best of centralized finance (CeFi) and decentralized finance (DeFi) to accelerate the promotion of financial inclusion among the Indonesian population.
Given the utility of TKO as a financial inclusivity tool, it is little surprise that there has been a hugely positive market response to the launch of the token on the Binance Launchpad resulting in a record-breaking 50,000% over subscription from 201,406 individuals, with a total of 10,502,201 Binance Coin (BNB) (approximately USD4 billion in value based on the price of BNB on April 7th 2021) subscribed for the launch. The market demand for TKO was so strong that the launching price of USD0.10 per token shot up by 3000% in a mere 30 minutes after its launch. Although TKO has started out as an exchange token, its roadmap envisages that by the fourth quarter (Q4) of 2022 TKO would be able to fulfil its potential as a financial inclusivity tool through the offering of an umbrella of CeFi and DeFi products by leveraging the stability of CeFi and the innovation of DeFi under a structure which is backed by Tokocrypto's mobile app and ecosystem.
In conjunction with the increasing popularity of cryptocurrencies in Asia, Tokocrypto is collaborating with partners from multiple countries to advocate a cross-regional educational and industry collaboration. The event comprises a series of panel discussions among leaders of the crypto markets in various Asian countries to cover talking points of interest involving the various communities.
The T.K.O Summit 2021 (Total Kripto Overview) will also focus on the introduction of the TKO token utility, Indonesia's first local token project with CeFi and DeFi utilities, one of which is the Non-Fungible Token (NFT). T.K.O Summit 2021 will be held on July 24, 2021 for approximately 5 full hours by presenting global crypto projects such as Binance, CoinGecko, Kardiachain, KryptoGo, Tomochain and many more.
“The event would involve the participation of leading crypto organizations from across the industry ranging from crypto exchange and wallet operators, blockchain platform service providers and RegTech advisory consultants. T.K.O Summit is going to be a regular educational initiative by TKO and Tokocrypto to drive blockchain adoption and crypto space for Asia”, said Pang Xue Kai, CEO Tokocrypto.
As for its speakers' lineup, it would be led by Binance’s co-founder and CEO Changpeng Zhao together with Tokcrypto's co-founder and CEO Pang Xue Kai as well as a host of prominent figures from Asia's crypto sphere, TM Lee – co-founder of CoinGecko and Mai Fujimoto – Co-founder of Miss BItcoin (Japan), and many more.
For more information about TKO Summit 2021, click here.
To register for TKO Summit 2021, click here
About Tokocrypto:
Tokocrypto is Indonesia's no. 1 most trusted crypto assets digital exchange. We are the first entity in Indonesia to be registered under the Trade and Futures Exchange Ministry (BAPPEBTI). Formed by a group of crypto enthusiasts who are strong advocates of the benefits of blockchain technology, our current goal is to help Indonesians gain a broader knowledge of the industry and to integrate the technology into the society and subsequently, the global economy. Established in late 2017, Tokocrypto recently joined hands with Binance, the world's largest cryptocurrency exchange, to upgrade our platform to Tokocrypto v2.0 with the latest technology and security. This will allow our users to create their own alternative finance in an efficient, transparent and scalable manner with industry-grade security and liquidity. Whether you’re a first-time investor or a professional trader – Tokocrypto has got you both covered!
For further information, please contact:
Rina Kurniawan, PR Tokocrypto
Phone: +6281221992200
