The Indonesian cryptocurrency platform Reku was designed for both novice and seasoned traders

The country’s commodities futures trading organisation estimates that cryptocurrency transactions in Indonesia reached $60 billion in 2018. Reku, a cryptocurrency exchange and marketplace, has been capitalising on the trend with what it claims are the lowest market fees and a platform that caters to both novice and seasoned traders. The 2017-founded firm today revealed that it had raised $11 million in Series A funding, led by AC Ventures (ACV), with participation from Coinbase Ventures and Skystar Capital.

Reku’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.

Reku (formerly known as Rekeningku.com) has just received its first round of institutional funding. In 2021, the business generated $3 billion in gross transaction value and turned a profit.

Reku, 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 to put an emphasis on security, compliance, efficiency, and scalability. Jesse Choi, a veteran private equity investor at Bain Capital, was just named COO of Reku.

Reku’s platform is user-friendly for novice traders because to its teaching features. It adheres to Indonesia’s commodities future trading agency (BAPPEBTI) regulations and places a strong emphasis on user security by only supporting reputable cryptocurrencies like Bitcoin and Ethereum.

According to Fung, the business believes there is a “huge need in the market for tools that actively teach consumers from the start of their cryptocurrency journey until they become experts themselves. Education is important, but our goal is to develop technologies that effortlessly assist all users in making wise financial decisions.

Fung spent 12 years working in the futures trading industry before starting Reku.

“Crypto was not this big in 2017 and 2018, but we saw a significant possibility there. As internet use grew rapidly, people would become more resourceful and want simplicity, like a single global currency, Fund told TechCrunch. We can clearly envisage a future where people would seek a more transparent financial system since the theory behind blockchain has always made sense to me.

Choi noted that Indonesian merchants initially viewed cryptocurrencies as a means of generating income, but they are now showing more interest in blockchain’s other applications. NFTs are an illustration of this, he continued. “On a relative basis, Indonesia is engaged in a significant amount of building activity, including projects, infrastructure, and technologies that address the global market. In reality, when it comes to the adoption of cryptocurrencies and web3, Indonesia is one of the top nations.

We are thrilled to lead this investment into Reku, said ACV founder and managing partner Michael Soerijadji in a statement. We are convinced that Reku will strengthen its leadership in Indonesia’s thriving crypto industry since it offers an easy user experience, the lowest fees on the market, and an excellent leadership team.

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