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About Loko Coins

 

To ensure that Lokoro can continue to pursue its mission of building better communities, it needs to generate revenue through various services to its users and partners.  Loko Coins allow users to perform certain premium actions on the Lokoro app - like promoting their posts and creating groups.  The revenue from these services allows Lokoro to grow our team and keep improving the app for our users without sacrificing your data privacy. 

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Terms of Use​

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The purchase and usage of Loko Coins on Lokoro are subjected to the following terms and conditions.

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Please kindly note that Loko Coins are regarded as a stored value facility under Singapore law.  Lokoro Pte Ltd, the holder of the Loko Coins stored value facility in Singapore, does not require the approval of the Monetary Authority of Singapore.

 

Loko Coins are used for payment only on the Lokoro platform for certain premium actions such as creating groups, listing and bumping. 

 

Lokoro reserves the right to:

 

  • determine the type of actions or Services on the platform that require LokoCoins;

  • determine and change the quantity of LokoCoins required for each action and/or service;

  • limit the use of any LokoCoins;

  • reject your request to purchase LokoCoins;

  • correct the balance of your Loko Coins if we believe any error has occurred;

  • allocate Loko Coins to you at no cost to you (“Free Loko Coins”), subject to terms and conditions;

  • withdraw, amend, and/or alter any part or the whole terms and conditions of such Free Loko Coins, at any time without giving prior notice or compensation in cash or in kind

 

In addition,

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  • Currently you can purchase Loko Coins but they are non-exchangeable or refundable for cash - you may only use Loko Coins in the Lokoro app;

  • Loko Coins cannot replace currencies issued by central banks;

  • Loko Coins can only be used in the jurisdiction it was purchased;

  • Loko Coins cannot be resold and are non-transferable;

  • Loko Coins are valid only while the platform is still in operation.  In the event that the Lokoro ceases operations, all Loko Coins will cease to be valid;

  • Loko Coins can only be used on the platform and cannot be refunded for cash in any currency;

  • Each user can only hold a maximum of $1000 Singapore Dollars in their Lokoro account at any point in time;

 

Currently, you may purchase LokoCoins by using a credit or debit card.  You may also purchase LokoCoins through any of the methods as may be made available on the Platforms or as may be notified to you from time to time.

 

By selecting a particular payment method, you are agreeing to the terms of service of the relevant processing partner and your financial institution. You will bear all fees that may be charged by such processing partners and/or your financial institution (if any) for the selected payment method. Any personal data which you provide to us in respect of the purchase of LokoCoins will be held in accordance with Lokoro’s Privacy Policy and by proceeding with the purchase, you are hereby agreeing to this arrangement. In addition, we have no control over the content and privacy practices of such sites or resources. You are advised to review the privacy policies of these sites and resources operated by third parties and understand how your information may be used by those third parties.

 

By making payment for the LokoCoins, you acknowledge and agree that:

 

  • All payments are successfully processed by your bank at the transaction. For payments by credit card, your credit card account must be in good standing and remain valid for the monthly/annual charge(s) to be debited successfully;

  • Payment is made rightfully by the account-holder of the app

  • There is no refunds in the event that you made a wrong purchase immediately;

  • There is no refund in the event that your account is suspended or terminated due to the infringement of our policies

 

Fees and Payments

 

Lokoro currently charges Loko Coins for the following actions and services:

 

Bump-ups or Bumps:

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  • Bump-ups are used to increase visibility of your listing by pushing up your post to the top of the page at the time of the bump-up action.  Thereafter, the position of your post on the page will be adjusted in chronological order of when new posts are created, or when other posts are being bumped to the top of the page.;

  • Users are not allowed to create new posts with the same content of an existing post in order to keep the post at the top of the page - violators may be banned from making future posts;

  • Your bumps may rise and fall in priority in relation to other users according to Lokoro’s existing listing mechanism, formula and algorithm. Each bump is an instant effect in the database and all LokoCoins used are non-fundable and equal to all by priority for users;

  • Lokoro does not guarantee any engagement of the post as a result of the bump, and the post engagement is still subjected to the response of the community in the app;

  • Your bump might be terminated early if it violates our policies and we have the right to review the listing/post and your account is necessary;

  • Currently, users need to wait 48 hours after bumping a post to perform another bump-up of the same post (“minimum bump duration”).  Lokoro reserves the rights to make changes to the minimum bump duration at any time without informing users in advance;

  • Different types of bump-ups (e.g. on Buzz page compared to List page) may incur different fees of Loko Coins.  Lokoro reserves the rights to make changes to the fees for each bump-up at any time;

  • Currently, it costs 2 Loko Coins to bump a post on Buzz and 1 Loko Coin to bump a post on GoLoko, List and Join.  This may be subject to future changes.

 

Create groups:

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  • Currently, Users will incur 1 Loko Coin to create a new group on Join;

  • Lokoro reserves the rights to make changes to the fees for each group created at any time.

 

Lokoro reserves the right to enact other fees for actions and services on the platform besides those shared above at any time without prior notice to the user.   However, we will endeavor to keep our users updated through the app or via other forms of communication if such changes do occur. 

 

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