[Updated] Bitcoin.co.id raises funding from East Ventures, is targetting SEA market

Anisa Menur
[Updated] Bitcoin.co.id raises funding from East Ventures, is targetting SEA market

Based in Bali, Indonesia, Bitcoin.co.id is a digital asset exchange platform that offers Bitcoin, Ethereum, Litecoin, and Ripple

Bitcoin.co.id CEO Oscar Darmawan

Indonesian cryptocurrency startup Bitcoin.co.id today announced that it has raised an undisclosed funding from venture capital firm East Ventures.

In a press statement, Bitcoin.co.id CEO Oscar Darmawan said that in addition to educating and focussing on the Indonesian market, the startup also plans to reach other markets in the Southeast Asian region.

However, he would not disclose the company’s destinations.

“All of our plans are basically still in the stealth mode. We have more than 600,000 members in Southeast Asia at the moment, and we have become the largest digital asset exchange in the region,” he told e27.

Prior to the current funding round, the CEO said that Bitcoin.co.id has taken some “undisclosed rounds” that were aimed more at strategic partnerships.

The Bali-based startup is a digital asset exchange platform that offers Bitcoin, Ethereum, Litecoin, and Ripple.

Founded in May 2013 by Darmawan and William Sutanto, the platform started out as a news platform that covers digital assets in the Indonesian language.

Starting in February 2014, recognising the existing challenge of selling and purchasing digital assets in the country, the co-founders then pivoted to become Indonesia’s earliest digital asset exchange.

Also Read: How Bitcoin is doing in Indonesia, and its opportunities as an investment commodity

In the same year, the country’s central bank Bank Indonesia announced the ban of Bitcoin and other cryptocurrencies as a payment method, though cryptocurrency exchanges are not affected by the ban.

The central bank reaffirmed the ban in October, with Bank Indonesia Governor Agus Martowardojo stating that “actions will be taken” against parties that are using cryptocurrency as a mean of payment, according to Detik.

Following the announcement, several media reported that Indonesia-based cryptocurrency startups Bitbayar and Toko Bitcoin had to shut down its business.

“Our company has never set a foot in the payment area and we never have plans to do so. We are a company engaged as an intermediary for public blockchain tokens, so it does not have much effects on our business,” Darmawan explained.

“In running our business, complying with the regulation set by our government is our top priority, and we support every step they take,” he added.

Of all provinces in Indonesia, Bali is one where Bitcoin use has begun to take off, thanks to its bustling tourism industry and blossoming tech community.

Despite the government’s ban, coinmap.org reported that there are at least 42 merchants in Balinese cities Denpasar and Ubud that accept Bitcoin as a payment method.

East Ventures itself has stated that it will invest more into the category.

Image Credit: Bitcoin.co.id

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