The country’s commodities futures trading organization estimates that cryptocurrency transactions in Indonesia reached $60 billion in 2018. Reka, a cryptocurrency exchange and marketplace, has been capitalizing on the trend with what it claims are the lowest market fees and a platform that caters to both novice and seasoned traders. The business, which was established in 2017, announced today that it had raised $11 million in Series A funding, led by AC Ventures (ACV), with participation from Coinbase Ventures and Skystar Capital.
First institutional funding has been provided to Reku (formerly known as Rekeningku.com). The company produced a profit in 2021 and had gross transaction value of $3 billion. Riku’s founders claim that after five years in business, they have learned how to scale and withstand market swings, such as the pandemic and this year’s recession.
Reka, which presently employs 80 people, intends to increase its workforce by 50 with the money. According to co-founder and CEO Sumardi Fung, the platform will continue emphasizing security, compliance, efficiency, and scalability. Jesse Choi, a veteran private equity investor at Bain Capital, was named COO of Roku.
Fung claims that the company is of the opinion that there is a “huge market need for products that actively train consumers from the beginning of their cryptocurrency journey until they become experts themselves. Education is essential, but our goal is to develop technologies that effortlessly assist all users in making wise financial decisions.
Additionally, the exchange’s smart order routing system automatically finds the best price available on other exchanges to complete your trade, thus maximizing your profits. Roku’s platform is translated into multiple languages, including English, Bahasa Indonesia, Mandarin, and Hindi, to accommodate a diverse user base. Finally, Reku’s social functionality lets you stay connected with your friends and colleagues by sharing trading advice and tips.
Before founding Reku, Fung worked for 12 years in the futures trading sector.
However, when it came time to invest in crypto, I was lost. I didn’t know how to purchase it, how to store it, how to track its value, or what exchanges to use. I felt like the only person who didn’t own crypto. After all, I was a nobody. What did I have to offer the crypto community? Well, it turns out that was precisely why I succeeded. I had no reputation to maintain, no reputation to ruin. I could experiment and explore with no fear of backlash.
Choi pointed out that Indonesian businesspeople initially saw cryptocurrencies as a way to make money, but they are now becoming increasingly intrigued by blockchain’s other uses. This is illustrated by NFTs, he continued. ” Indonesia is creating a lot of infrastructure, tools, and construction projects that are geared toward the global market. Regarding the adoption of cryptocurrencies and web3, Indonesia is among the top nations.
According to Michael Soerijadji, the managing partner and founder of ACV, we are ecstatic to be leading this investment into Reku. Reka will firmly establish its dominance in Indonesia’s thriving crypto business thanks to its straightforward user interface, the lowest fees on the market, and excellent leadership team.
