The crypto currency exchange Binance has announced that it will sell Tokocrypto (TKO) on Launchpad. Users will be able to start participating in token sales with their BNB balance as of March 31.
Binance stated that only BNB holders can participate in the TKO sale. Users will be able to participate in the token sale by taking snapshots of their BNB balances for seven days.
Token sale details
With a total supply of 500 million, TKO allocated 15 percent of its supply to Binance Launchpad for the sale of Binance Launchpad. In Binance, which will sell 75 million TKOs, the selling price of TKO will be $ 0.10. The maximum amount expected from the token sale is expected to be $ 7.5 million, and the maximum token amount per user is expected to be $ 20,000.
According to Binance’s statement, users are given a seven-day preparation period for token sales. Between 31 March and 7 April, snapshots of BNB balances will be taken and calculated daily. Then the averages of the balances will be calculated.
Subscription procedures will begin between April 7. Users will sign a contract by committing their BNB. Between April 7, token calculations will begin and token distribution will begin. TKOs will be dropped from locked BNBs and transferred to wallets.
Binance and Tokocrypto relationship
Binance invested in Indonesia’s first legal crypto exchange Tokocrypto on May 12, 2020. While Tokocrypto CEO interprets this investment as an opportunity to provide superior services for the Indonesian market, Binance CEO Changpeng Zhao said, “Our investment will enable us to discover new opportunities for the Indonesian market with Tokocrypto.” had made his comment.
Founded in Indonesia in 2018, Tokocrypto was established as a platform that provides digital asset trading. TKO, the exchange’s own token, is used for intra-platform transactions. The Tokocrypto team plans to use the token in the future on DeFi and NFT platforms.