TKO Token Adoption: Unveiling Its Myriad Benefits and Utilities

The adoption of the crypto asset Toko Token (TKO) has introduced a range of significant benefits and utilities for its users and the broader ecosystem. The current progress of TKO is making a positive impact in the blockchain and crypto world, particularly in Indonesia.

The growth of crypto assets in Indonesia has achieved remarkable feats. According to the latest report by Chainalysis, Indonesia’s crypto adoption rate, ranked 20th in 2022, has surged to the 7th position in a relatively short span.

Chainalysis frequently highlights Indonesia’s dynamic development in the crypto asset sector, attributing this trend to the positive momentum of local crypto projects.

Among the 501 crypto assets officially listed by the Commodity Futures Trading Regulatory Agency (Bappebti), several local crypto projects have become part of this list, one of which is TKO. TKO’s inclusion in Bappebti’s list of legal crypto assets confirms that the token has met legal requirements in Indonesia through a rigorous due diligence process based on the Analytical Hierarchy Process (AHP) method.

TKO Milestones

TKO is the first local crypto asset project developed by Tokocrypto, Indonesia’s #1 Exchange Platform. TKO was launched with the vision to expand and develop the crypto ecosystem in Indonesia, making adoption accessible to all demographics. Here is the TKO journey:

• 2018

Tokocrypto officially launched its platform.

• 2019

Tokocrypto obtained a license from Bappebti.

• 2021

Tokocrypto officially launched the Toko Token (TKO).

• 2022

Bappebti officially listed the TKO Token.

• 2023

Tokocrypto Initiated the establishment of the TKO Foundation.

During TKO development, Tokocrypto has taken a significant step by establishing the TKO Foundation as an independent entity that will support various TKO initiatives in the future.

This decision not only strengthens Tokocrypto’s commitment to regulatory compliance but also provides flexibility for the TKO Foundation to independently contribute to strengthening the TKO ecosystem.

The Tokocrypto platform continues to grow, with over 3 million registered users. The company has recorded an average daily trading volume increase of over US$10 million, demonstrating Tokocrypto’s sustained growth amid industry and global economic challenges.

Moreover, based on research conducted by CoinGecko in June 2023, Tokocrypto’s market share has surged from 23.4% at the start of 2022 to 43% by June 2023, solidifying its position as the leading cryptocurrency exchange platform in Indonesia. Data from CoinMarketCap reinforces this achievement, demonstrating Tokocrypto’s consistent outperformance compared to other prominent players in the market from January to June 2023.

Introducing several new products, such as IDR pairs, and collaborating with various companies across different sectors, including banking (Blu by BCA Digital), e-commerce (Blibli), and others, has driven this growth.

To ensure security and transparency, Tokocrypto has also released the Proof of Reserve (PoR), subject to precise auditing. PoR enables users to independently verify the secure storage of their funds at a 1:1 ratio.

The increase in market share and revenue for Tokocrypto also resulted in TKO burns. To preserve token scarcity, Tokocrypto conducts TKO burns quarterly. The TKO Foundation allocates 10% of the revenue from crypto-to-crypto trading volume on the Tokocrypto platform for TKO burns, representing 10% of the total token supply.

The total TKO burn from the fourth quarter of 2022 to the second quarter of 2023 was 510,126 TKO, equivalent to US$135,032.

TKO Foundation

The TKO Foundation actively collaborates with Tokocrypto to enhance the utility of TKO tokens, having implemented several features such as:

• TKO Trading Fee

The TKO Trading Fee feature allows Tokocrypto users to receive up to a 25% discount when paying crypto asset trading fees using TKO.

With the TKO Trading Fees feature, Tokocrypto users need not worry about trading fees, thus maximizing their profits. This trading fee discount is available to all users with various cryptocurrency asset options.

• Small Balance Conversion

The Tokocrypto platform’s Small Balance Conversion feature allows users to actively convert small leftover trading balances in their wallets, which would otherwise be untradeable or non-withdrawable, into TKO tokens at a value corresponding to the market price.

TKO is also involved in developing new features on Tokocrypto, including IDR pair and Instant Trade:

• IDR Pair

The IDR Pair feature facilitates investment and trading of crypto assets, simplifying the process for first-time crypto purchases and streamlining transactions, deposits, withdrawals, and conversions.

• Instant Trade

Tokocrypto launched Instant Trade, a feature designed to improve user transaction speed and convenience when buying and selling crypto assets, offering over 340 coin/token options. The Instant Trade feature includes TKO and IDR pairing.

In the future, Tokocrypto will improve user convenience by providing a more intuitive and friendly interface. These updates will also include adding new features to enrich the user experience.

Collaborations

Furthermore, various TKO Foundation and Tokocrypto partners have actively leveraged several TKO utilities. These partners are leading companies in their respective verticals:

• Blibli

The TKO Foundation collaborates with one of the largest e-commerce platforms in Indonesia, Blibli, allowing Blibli users to exchange their loyalty points for TKO crypto assets as rewards.

• Prodia

The TKO Foundation has partnered with Prodia, where loyal customers of U by Prodia can register and verify their data (KYC) on Tokocrypto to receive TKO crypto assets.

• Kopi Jago

A collaboration between the TKO Foundation and Kopi Jago offers a program where coffee buyers at Kopi Jago can earn rewards in the form of TKO crypto assets, thus broadening access to adoption.

• blu by BCA Digital

Collaborating with blu by BCA Digital enables Tokocrypto users to make direct deposits into their Tokocrypto accounts easily.

We plan to leverage these relationships and build new partnerships for more product collaborations. 

Education

Tokocrypto is actively expanding TKO’s utility to promote the adoption of crypto assets in Indonesia by organizing a series of educational and literacy activities. TKO serves as token rewards to bolster Tokocrypto’s educational programs, including OBRAS (Obrolan Komunitas) and Web3 On Campus.

Since January 2023, OBRAS and Web3 On Campus have reached 25 cities in Indonesia and involved more than 22,000 people. By getting thousands across various cities this helps create a better understanding of the benefits and risks of crypto assets.

TKO’s utility has the objective of improving the utilization and benefits of the TKO token. With the mentioned features and collaborations, TKO transforms into more than just a crypto token; it also motivates and expands the adoption of crypto assets across various economic sectors and the community.

The TKO Foundation intends to release the latest whitepaper, scheduled for launch in Q4 of 2023. This initiative aims to further activate and facilitate new collaborations within the crypto ecosystem in the future.