What is BIDR?
BIDR is a stablecoin that is backed by the Indonesian currency – Rupiah (IDR). BIDR was launched in June 2020 through a partnership between Binance and TokoCrypto. The latter is one of the leading and regulated crypto exchange platforms in Indonesia.
As part of Binance's plans to make stablecoin trading more popular, BIDR was launched as a BEP-20 token pegged to the Indonesian Rupiah at a one-to-one ratio. Thus, one BIDR coin is equivalent to one IDR, which also means that the BIDR price is pegged to the price of IDR. Thus, compared to most other crypto assets, the BIDR price stays relatively stable, even during times of high market fluctuations.
Stablecoins are usually looked at as digital representations of fiat currency. Most other stablecoins are backed by more popular fiat currencies though. Because of this, when BIDR was launched, it sparked huge interest from Indonesians who started embracing the project in numbers.
Tokocrypto, the company behind the BIDR crypto token was founded by Pang Xue Kai in 2018. Pang had years of experience as an engineer in the oil and gas sector before transitioning into cryptocurrency and blockchain technology. The team aims to build a crypto ecosystem that will be attractive to Indonesians and people in Southeast Asia as a whole.
What Can You Do With BIDR?
Essentially, you use BIDR tokens to transfer money to your friends and family members all over the world with just a few clicks. This process is faster and cheaper than using traditional banking systems.
Moreover, you can also use BIDR on trading platforms that support this asset.
In addition to that, Tokocrypto is building a Tokoverse – a one-step platform for crypto exchange, NFT trading, shopping, and lots more. BIDR coin holders will be able to leverage their assets to carry out transactions on Tokoverse.
As with other stablecoins, the maximum supply of BIDR tokens is not known. At the time of writing this, the total supply of BIDR exceeds 645 Billion BIDR. As more people adopt the currency, this number is expected to increase.
Care to see the current BIDR price? Check out the BIDR price chart featured above.