Cryptocurrency transactions in Indonesia reached $60 billion last year, according to the country’s commodity futures trading agency. Crypto exchange and marketplace Reku has been riding the wave with what it says are the lowest fees on the market, and a platform aimed at both newcomers and experienced traders. Today, the startup, founded in 2017, announced that it has raised $11 million in Series A funding, led by AC Ventures (ACV) with participation from Coinbase Ventures and Skystar Capital.
This is Reku’s (formerly Rekeningku.com) first round of institutional funding. The company generated $3 billion in gross transaction value in 2021 and is profitable. The founders say that Reku’s five years in business means they know how to scale and withstand fluctuations in the market, including the pandemic and this year’s recession.
Reku, which currently has 80 employees, plans to add 50 more positions with the funding. The platform will also continue to focus on security, compliance, efficiency and scalability, said co-founder and CEO Sumardi Fung. Reku recently appointed Jesse Choi, a former private equity investor at Bain Capital, as COO.
Fung said the company sees “a significant gap in the market for products that actively guide users all the way from the beginning of their crypto journey to becoming experts themselves. Education is one thing, but our vision is to create products that seamlessly guide all users to smart investing .”
Reku makes that platform available to first-time traders with educational features. It is compliant with Indonesia’s Future Trading Agency for Commodities (BAPPEBTI) and emphasizes user security by offering only well-established cryptocurrencies such as Bitcoin and Ethereum.
Prior to founding Reku, Fung worked in the futures trading sector for 12 years.
“In 2017 and 2018, crypto wasn’t that big, but we saw a big opportunity there. Internet penetration was expanding rapidly, so it would lead to a more resourceful community where people would seek simplicity as a global currency,” Fund told TechCrunch. The logic behind blockchain has always made sense to me, and we can definitely see a future where people will demand a more transparent financial system.”
Choi added that Indonesian traders initially saw cryptocurrency as a way to make money, but are becoming more interested in other uses of blockchain. “An example of this is NFTs,” he said. “On a relative basis, there is a huge amount of construction activity coming out of Indonesia, not only projects, but also infrastructure and utilities that address the global market. And in fact, Indonesia is one of the leading countries in terms of crypto and web3 adoption. »
In a statement, ACV founder and managing partner Michael Soerijadji said: “We are delighted to lead this investment into Reku. With an intuitive user experience, the lowest fees in the market and a great management team, we are confident that Reku will strengthen its leadership in Indonesia’s vibrant crypto industry.”