Jakarta. Farad Limited Hong Kong SAR, the company behind the Farad Cryptoken program, which is promoting a unique new cryptocurrency, has set its sights on Indonesia as a potential market since its official launch in Dubai, United Arab Emirates, on Aug. 21.
A cryptocurrency, or token, is defined as a digital currency in which encryption techniques are used to regulate the generation of units of value and verify the transfer of funds, operating independently of central banks.
Bitcoin is currently the world's most prominent cryptocurrency, with Ethereum being another notable example.
Farad Program chief executive Wan M. Hasni said an archipelagic nation like Indonesia offers great growth prospects for a cryptocurrency backed by real economic activity, such as the manufacturing of state-of-the-art ultra-capacitors, which are considered the future of energy storage.
Farad plans an initial coin offering – fundraising through the sale of digital assets – on Sept. 15, which will enable people to purchase a portion of future ultra-capacitor production at the company's factory in China.
"We want to introduce Farad Cryptoken to Indonesia, getting users onboard, offer it to the public, make them get involved and participate," said M. Hasni, a former investment banker who switched careers to join the world of cryptocurrencies.
As part of its community support program, Farad plans to establish what it calls Farad Community Blockchain Labs in Jakarta, Bangkok, Kuala Lumpur, Dubai and Shenzhen in China.
The labs will be supported by Virtue Fintech, a Dubai-based blockchain financial technology setup, which manages the Farad Cryptoken program.
The idea to establish labs in these locations is spurred by feedback from cryptocurrency users as they need education and training in their local languages to understand how blockchain ecosystems work.
The labs are also expected to serve as hubs for developers and users in each country to be engaged in using such technology.
M. Hasni, who is also chairman and chief executive of Virtue Fintech, said the Ethereum blockchain is believed to be the next disruptive technology, as it is expected to transform the world's financial economic landscape.