Global crypto exchange – KuCoin has announced that it will be launching the fifth Spotlight project called Tokoin (TOKO), on August 23. The announcement came via a tweet on Wednesday, in which the company also shared a detailed official statement.
We are excited to announce that we are going to launch the fifth Spotlight project – Tokoin (TOKO) on August 23, 2019 (UTC+8). Details of the purchasing rule will be updated soon.
— KuCoin Updates (@KuCoinUpdates) August 14, 2019
Tokoin is a blockchain-based crypto network, focused on establishing identity and reputation for MSMEs to access business solutions. In the official statement, KuCoin stated that Tokocoin is the number one blockchain project from Indonesia. The project is backed by the local authorities and government institutions, and it helps MSMEs in developing countries to carry out business activities. It also helps them in creating and maintaining a formidable credit score, which is necessary for accessing financial services like loans, insurance, lines of credit, etc.
In its white paper, Tokoin states,
A recurring problem for new or existing MSMEs is that they lack the capital needed to boost productivity. Because many MSMEs are dependent on labour-intensive operations (and not capital-intensive), the limitations of labour-dependent production have hampered their growth. Without the capital needed for business expansion, the economies of scale may seem unattainable for small-scale businesses that are struggling to stay in the competitive market.
To tackle these challenges, Tokoin will accumulate non-financial data from the MSMEs, including KYC protocol data to be developed into Digital Business ID. The scattered data from day to day operations will be converted into a digital ledger, to build a solid reputation.
Though the launch date has been announced, KuCoin is yet to update the details of the project launch, before beginning active registration. Tokoin is an example of how blockchain can revolutionize the finance industry. Since the traditional giants like IBM, Apple, Microsoft, etc, started showing interest in the blockchain industry, several sectors have been stormed, and finance is one of them.