Binance and Tokocrypto List Rupiah-Backed Stablecoin BIDR

Binance, the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, and Tokocrypto, the leading regulated cryptocurrency exchange in Indonesia, today listed Binance IDR (BIDR), a rupiah-backed stablecoin which users can now trade against other cryptocurrencies. 

BIDR is a Binance Chain (BEP-2) stablecoin pegged to the Indonesian Rupiah (IDR). BIDR will be available for direct purchase and redemption at a rate of 1 BIDR, equivalent to 1 IDR.  Users who deposit IDR into the existing fiat channels available on Tokocrypto will instantaneously receive BIDR. BIDR can also be transferred to and traded on Binance.

“It is a proud and exciting moment for Tokocrypto to work so closely with Binance in support of the BIDR project to bring about a brand-new movement to the crypto space in Indonesia,” said Pang Xue Kai, Co-Founder and CEO of Tokocrypto.

From today, users can trade BIDR against five cryptocurrency pairings on the Binance and Tokocrypto platforms: Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), Tether (USDT) and Ethereum (ETH). 

Changpeng Zhao (CZ), Founder and CEO of Binance said, “The development of the first Rupiah-backed Binance stablecoin has been the result of the strong partnership and ongoing collaboration between Binance and Tokocrypto. We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BIDR.”