Cryptocurrencies and blockchain technology have been all the rage in the past years with startups in the space raising more than US$1.3 billion in venture capital so far in 2018. The amount has already surpassed the total raised in 2017 and excludes initial coin offerings (ICOs), which raised a staggering US$6.3 billion in 2018, as of April.
Although 2017 was the year of cryptocurrency, 2018 looks to become the year of blockchain technology with greater adoption from traditional financial institutions, firms and governments, and more implementation of the technology in industry outside of finance, including healthcare, business management, communication, and more.
Southeast Asia too has seen increasing blockchain activity and development. In Indonesia, several startups and companies have been established in the past year to tap into the thriving industry. Although relative small, the Indonesian blockchain and cryptocurrency space is growing steadily.
The Indonesia Blockchain Association (Asosiasi Blockchain Indonesia) was launched in March 2018 to formally represent the industry and help accelerate the growth of blockchain in Indonesia.
Here are six interesting blockchain and cryptocurrency companies from Indonesia:
Pundi X aims to bring cryptocurrency to the masses by building and providing solutions to allow users to easily buy, sell and use cryptocurrency anywhere and anytime.
Pundi X is building the world’s largest decentralized, offline cryptocurrency network: decentralized, because the ecosystem and transaction records live on the blockchain, and offline, because the entry point is via point-of-sale (PoS) devices installed in physical outlets.
Pundi XPOS is the company’s PoS solution that supports payments from both cryptocurrency wallets and traditional mobile wallets, including Alipay.
Indodax, formerly Bitcoin Indonesia, is a cryptocurrency exchange headquartered in Bali that launched in 2013. It is the largest cryptocurrency exchange in Indonesia and as of 2018 more than 1 million members were registered.
Indodax offers its services worldwide but accepts deposits in Indonesian rupiah only. Cryptocurrencies supported include Bitcoin, Dash, Ethereum, Waves, Nem and Litecoin.
Founded in 2017 and based in Jakarta, Tokocrypto aims to be Southeast Asia’s leading cryptocurrency exchange platform by providing people with a fast, safe and secure way to buy and sell Bitcoin and other cryptocurrencies.
The platform allows users to trade cryptocurrencies online and currently only support the sale of Bitcoin and Ethereum. Later, it plans to add support for Ripple, Litecoin, Cardano, NEO, and Swipe.
Triv is a digital wallet that allows users to shop online, top up their phones and send money to their friends and families. The online platform supports cryptocurrencies including Bitcoin and Ethereum.
On Triv, users can easily pay and get paid, as well as withdraw their funds in real-time from and to 100 banks in Indonesia.
Based in greater Jakarta, Blocktech Indonesia provides funding and infrastructure to blockchain startups. The company was founded in 2017 and has so far invested in the likes of cryptocurrency mining startup Hash Point, blockchain-focused co-working spaces Blockchain Space, blockchain startup Eximchain, and initial coin offering focused startup Standard Alpha.
Indonesian Blockchain Network
The Indonesian Blockchain Network is an organization that focuses on promoting and creating awareness of blockchain technology. The Indonesian blockchain advocacy group aims to accommodate and facilitate the growth of blockchain and cryptocurrency technology.
The Indonesian Blockchain Network organizes blockchain and cryptocurrency-related meetups as well as technical workshops, and administers online blockchain related content.