Cryptocurrency exchange KuCoin has announced the fifth round of its Spotlight token sale with Tokoin (TOKO) on August 23, 2019. KuCoin also added that lucky ticket acquisition and token allocation rules will be implemented in the new round of the TOKO token sale.
Tokoin is a blockchain-based cryptocurrency network that aims to provide MSMEs with solutions for capital, credibility, and expansion. The token sale comes roughly a month after KuCoin launched its own cryptocurrency derivatives trading platform.
Token Sale Hopes to Raise $1 Million
According to KuCoin’s blog post, Tokoin is Indonesia’s leading blockchain project that is being backed by local government institutions and organizations. KuCoin says that Tokoin will provide micro, small, and medium enterprises in the emerging market with a viable profile credit score. This credit score will allow businesses to gain access to loans, insurance, line of credit, and marketplace to facilitate their growth.
Tokoin has allocated 35 percent of the total 2 billion TOKO to Initial Coin Offerings (ICO), with a hard cap goal of $25 million and a soft cap goal of $8 million. The funds raised from the ICO will be used for product development and marketing.
The TOKO token sale on August 23, however, will have a hard cap goal of $1 million or 50 million tokens. KuCoin will host the sale in two rounds. The first round has been named Lucky Ticket Acquisition, with a total allocation of 15 million tokens. Each winning ticket will get 25,000 TOKO for $500. In the second ‘Allocation Mode’ round, each user will be able to purchase 25,000 tokens, up to a cumulative total of 35 million tokens.
KuCoin: Appealing to a Broader Cryptocurrency Audience
KuCoin launched its KuMEX platform in July, offering Bitcoin perpetual contract (XBTUSDM) initially. The contract is being quoted in US dollars, with leverage of up to 20 times. KuMEX is also offering protection against risk with an insurance fund. According to the announcement, the insurance fund ensures that investors do not lose money by exceeding their position margins.
To get new investors involved in cryptocurrency derivative offerings, KuMEX said that it will be offering a lower investment threshold compared to other providers. The exchange also offers a negative fee for Makers at a rate of -0.025% with a certain amount of fixed commission, encouraging investors to provide liquidity to the platform. Michael Gan, CEO of KuCoin, said that KuMEX’s launch would help the exchange gain an edge over its rivals.
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