Jakarta. Indodax, Indonesia's largest crypto exchange in Indonesia, has turned eight years old last week, seeing its customer base grow over the years as interest for investment in crypto-assets exploding in the country.
In the past year alone, the exchange said its number of customers doubled to more than five million, Indodax's Chief Executive Officer (CEO) Oscar Darmawan said in a statement over the weekend. In comparison, there are 7.5 million stock investors in the country.
"Having and being trusted by more than five million members in early February is certainly good news for Indodax," Oscar said.
"But on the other hand, this is also a reminder for us so that we can continue to provide good service to our members," he said.
The company was founded on Feb 15, 2014, with the initial name Bitcoin.co.id, Indodax is the pioneer of local crypto-assets exchange in Indonesia. The exchange allowed Indonesians to trade their bitcoin, ethereum, or other crypto assets with rupiah or other crypto assets, sparking interest in digital assets, especially among the youth.
Today, Indondax cater to customers, mostly aged between 21 and 35 years old, and live in big cities.
Still, Oscar said some signs showed that investing in crypto-assets started to take holds in lower-tier cities. Also, several blockchain ecosystems such as decentralized finance, non-fungible tokens (NFT), and metaverse have become more prevalent in Indonesia, perpetuating more interest in crypto-assets.
"This crypto ecosystem technology is quickly starting to be accepted by the Indonesian people. Of course, we all hope that blockchain technology can make Indonesia become on par with other developed countries," Oscar said.
Today, Indonesia considers the likes of bitcoin, ethereum, or dogecoin as assets or commodities, allowing its citizens to trade them as such. Using cryptos for facilitating transactions, on the other hand, is illegal. The Commodity Futures Trading Supervisory Agency (Bappepti) oversees the exchange and crypto trading in Indonesia