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Indonesian Reku Cryptocurrency Platform Built for Both New and Experienced Traders • TechCrunch


Cryptocurrency trading in Indonesia reached 60 billion dollars last year, according to the country’s commodity futures agency. Cryptocurrency Exchanges and Markets Reku has led the wave with what it says is the lowest fees on the market and a platform aimed at both beginners 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 first round of institutional funding (formerly known as Rekeningku.com). The company generated $3 billion in total transaction value in 2021 and is profitable. Its founders say that Reku’s five years in the business mean they know how to scale and withstand market fluctuations, including this year’s pandemic and 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.

Reku's team of cryptocurrency exchange

Reku’s team

Fung said the company sees “a significant gap in the market for products that actively guide users from the beginning of their crypto journey to becoming an expert themselves. Education is one thing, but our vision is to create products that seamlessly guide all users to how to invest smartly.”

Reku makes it an accessible platform for first-time traders with its educational features. It complies with Indonesia’s Commodity Futures Trading Authority (BAPPETI) and emphasizes user safety by offering only well-established cryptocurrencies like Bitcoin and Ethereum.

Prior to founding Reku, Fung worked in commodity futures trading for 12 years.

“In 2017 and 2018, crypto wasn’t that big but we saw a big opportunity there. Internet penetration expands rapidly, then it will lead to a more resourceful community where people will seek simplicity as a global currency,” Fund told TechCrunch. “The logic behind blockchain has always made sense to me and we can certainly see a future where people will demand a more transparent financial system.”

Choi added that Indonesian traders initially saw cryptocurrencies as a way to make money, but are increasingly interested in other applications of blockchain. “An example of this is NFTs,” he said. “On a relative basis, there is a lot of construction going on from Indonesia, not just projects but also infrastructure and tools addressing the global market. And in fact, Indonesia is one of the top countries when it comes to crypto and web3 adoption.”

In a statement, ACV founder and managing partner Michael Soerijadji said, “We are delighted to lead this investment in Reku. With an intuitive user experience, the lowest fees on the market, and a great leadership team, we trust Reku to solidify its leadership position in Indonesia’s vibrant crypto industry. “



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