Jakarta. Investment platform Pluang is rolling out 29 new crypto coins and tokens as the fintech startup partners with crypto exchange TokoCrypto.
The altcoin launch will be divided into batches and users can get all 29 altcoins starting next week. Altcoins, such as Binance Coin (BNB), Cardano (ADA), Polkadot (Dot), and Ripple (XRP), are now available in Pluang app.
“We are seeing a growing demand among our users for crypto assets as the market grows. Pluang users can now invest in the entire crypto asset ecosystem starting from the 'Ethereum defying' coins to the DeFi token, thanks to our partnership with Tokocrypto," Pluang co-founder Richard Chua said in a statement.
According to Richard, Pluang would add new features —namely limit order and stop limit — to make it easier for experienced traders to take advantage of market volatility and the momentum.
The introduction of new features will emphasize Pluang’s commitment to become a simple-to-use cryptocurrency application in the country. Currently, Pluang users only need three taps on smartphones to perform transactions on the Pluang application.
“These new order types ensure that Pluang caters for advanced traders as well as first-time investors. When our users want to place more sophisticated trades to better time the market, our platform will be ready. With Limit and Stop Orders, there’s no need for our users to stare at screens waiting for prices to rise or fall,” Richard said.
Tokocrypto Co-Founder and Chief Executive Officer Pang Xue Kai truly welcomed the partnership with Pluang.
"We are proud to partner with Pluang. This is in line with our mission to get more people to invest," he said.
In August, Pluang is hosting a trading competition for users looking to win a hefty sum of money. Five users with the highest transaction value until the end of the month can win a total prize of Rp 100 million (or about $6,950). Users can visit https://get.pluang.com/cryptotradingcompetition/ to seek further information about the competition.
Indonesia is seeing a crypto asset craze over the past year. Ministry of Trade data in May recorded 6.5 million crypto investors — a huge gap from the number of investors which stood at 2.4 million The Indonesian Securities Central Custodian (KSEI).
This growth is thanks to the millennials flocking to crypto investment apps, after seeing a surge in crypto asset prices since the fourth quarter of 2020.
From January 2021 to July 2021, for instance, the value of BNB jumped by 757%. ADA and Dot also skyrocketed by 644% and 85% respectively. This figure far exceeds the value of Bitcoin which only grew 43% in the same period.
Altcoin transactions account for 70 percent of the total transaction volume in Indonesia during the crypto asset price rally earlier this year.
Pluang provides low-fee, micro-investment products. It also offers gold, micro e-mini S&P500, mutual funds, and crypto to more than a million users. Currently, users can start investing in Pluang with only Rp15.000, enabling beginner investors to start investing with little amount of principal. The startup also raised $20 million in a pre-series B funding round led by GoVentures and OpenSpace.