Tokocrypto to launch first Indonesian DeFi project on Binance Smart Chain
Tokocrypto, Indonesia’s first regulated crypto exchange under the Commodity Futures Trading Regulatory Agency Indonesia (BAPPEBTI), has announced it will develop Indonesia’s first hybrid CeDeFi token (TKO) on top of the Binance Smart Chain.
TKO combines the best of both worlds from Centralised Finance (CeFi) and Decentralised Finance (DeFi). DeFi’s lending and staking products can help speed up adoption among the unbanked population of Indonesia while CeFi still offers easy-to-use and more mainstream products.
To bridge the gap between Tokocrypto users and DeFi, Tokocrypto will initially focus on educating users about crypto finance and will develop CeFi utilities, such as TKO Deposit, TKO Savings & TKO Cashback on the Tokocrypto Exchange.
“Indonesia is one of the most active BSC communities. We are looking forward to working with Tokocrypto to provide support to blockchain projects and promote crypto adoption in Indonesia”, said Xiaoguang BSC ecosystem coordinator.
Another initiative as part of the partnership is a development fund to empower emerging projects and drive collaboration between Centralized Finance (CeFi) and Decentralized Finance (DeFi). This project provides funding, events, and initiatives that provide long-term economic and social benefits to communities.
“Binance has always been a strong supporter for us at Tokocrypto. Through this even closer collaboration, Tokocrypto will be able to push out the adoption of crypto via TKO tokens to even more areas of Indonesia. It will also allow us to tap into resources and support across the BSC ecosystem” said Pang Xue Kai, CEO of Tokocrypto.
In addition to this development, Tokocrypto and Binance will co-host the Indonesian Blockchain Week 2021 and the BSC Indonesia Summit on March, 20th 2021. The summit aims to gather opinion leaders, local influencers, world-class BSC projects, coiners, and no-coiners to participate in a series of engaging and thought-provoking online sessions around the blockchain ecosystem in Indonesia.