The world’s fourth most populous nation has long been fascinated with cryptocurrency and blockchain technology, and this year looks set to introduce many “startup” crypto-based companies into the Indonesian – and eventually the global – market. We take a look at the top-six.
Over the past few years, blockchain technology and the ever-increasing cryptocurrency market has grabbed the attention of many of the sharpest minds and astute business people in Indonesia. As a result, 2018 has seen an abundance of “startups”, with programmers from home and abroad trying their luck developing a successful business in that field.
Many of these startups are basically cryptocurrency exchanges, but in order to facilitate an understanding of crypto-technology for a naturally suspicious Indonesian society, many of these exchanges refer to cryptocurrencies as “digital assets”.
Other startups have already attempted to deal directly in the global crypto market, such as by presenting a cash register or a cross-country money transfer service that utilizes blockchain technology. Others have simply chosen to create an organization or foundation that aims to educate the community and prospective companies about blockchain technology and the potential pitfalls of the crypto market.
Here are six of the best fledgling companies and foundations that have been present in the field of blockchain and cryptocurrency in Indonesia in 2018.
INDODAX is a cryptocurrency purchasing and selling platform that lets users buy and sell major digital currencies such as Bitcoin, Ethereum, and Ripple. Currencies can be obtained using either Rupiah (the Indonesian national currency) or Bitcoin.
Previously known as “Bitcoin Indonesia”, INDODAX has been five years in the making, and already has almost 1.2 million registered members, the majority of whom are citizens of Indonesia, 750,000 of which are active users who access INDODAX daily. By March 2018, the total transactions INDODAX has facilitated thus far totaled $145.5 billion (yes, that’s billion).
Clearly Indonesia has grasped the concept of buying and selling cryptocurrency with a vengeance!
Pundi X is a startup company from Indonesia that seeks to utilize blockchain and cryptocurrency technology in financial transactions. Pundi X provides an online cash register called Pundi X POS, an electronic credit card called Pundi X Pass, and the Pundi Pundi digital wallet application, all of which are based on blockchain technology. Although founded primarily in Indonesia by Indonesian programmers and developers, Pundi X also features co-founders from China and Malaysia.
In early 2018, INDODAX founder Oscar Darmawan announced the development of a platform-building project that will enable people to create their own cryptocurrency tokens and blockchain projects. The platform is called TOKENOMY., which is also a cryptocurrency in its own right, and its coins are named TEN.
LUNO is a platform that allows users to buy and sell Bitcoin, Ethereum, Litecoin and other digital currencies through both the standard desktop PC, and also via a mobile app downloaded to a smartphone, tablets or laptop. To make a purchase using LUNO, a customer only needs to send money in Rupiah via a bank transfer or credit card. LUNO has already expanded to dozens of other countries, and globally the number of LUNO users is close to two million, with 75% of customers hailing from Indonesia.
TokoCrypto is a platform that allows users to trade cryptocurrency online. This startup was established in June 2017, and currently only supports the sale of Bitcoin and Ethereum, but TokoCrypto plans to soon cater for the purchasing and selling of Ripple, Litecoin, Cardano and NEO.
No, this isn’t an Indonesian startup company dedicated to discovering new ways of hacking into exchanges and stealing cryptocurrency (Swipe Crypto, get it?), SwipeCrypto is a rather ingenious blockchain based platform that allows mobile application developers to market their own work.
Somewhat naughtily, SwipeCrypto have created several apps that place ads on locked smartphone and tablet screens, offering gifts of a cryptocurrency token to those who click on the ad. SwipeCrypto has used this tactic in both the Philippines and Indonesia, resulting in hundreds of thousands of users.
Oh well, whatever it takes to spread the gospel of cryptocurrency!
The facts are Indonesia possesses perfect conditions for Bitcoin – plus a whole host of other cryptos – adoption. The world’s fourth most populous country is a largely cash-based society, of which an estimated 80% is unbanked. Because digital currency doesn’t require a bank account, cryptocurrency is very appealing to many Indonesians.
Look out for some big things happening in the Indonesian cryptocurrency market in 2018!