Possessing 700,000 registered users as of September 2023, Reku aims to elevate its daily transactions targeted to attain US$194 million by the end of this year.
Heaptalk, Jakarta — Indonesia-based crypto-asset exchange startup Reku has reached local users in more than 500 cities or regencies throughout Indonesia. The startup claimed this achievement demonstrated a robust optimism of the crypto industry in the archipelago.
Currently, the platform’s users amount reached 700,000 people as of September 2023, with the majority of users aged 18 – 30 years (48%), 31 – 44 years (38%), and 45 – 55 years (13%). By reaching multiple cities in the archipelago, Reku targets to grow its user to 1 million, with the daily transactions of US$194 million, equal to Rp3 trillion by the end of this year.
Nevertheless, Reku’s Chief Compliance Officer, Robby, admitted that this realization was inseparable from several challenges that had recently occurred in the industry. As the primary issue, he revealed that platform security and irresponsible individuals frequently deliver negative sentiments about the crypto industry.
In resolving the issue, the company claimed that the security of its operations aligned with the government policy. Reku platforms have gained an ISO 27001 certification to protect users, implemented a double authentication, and international standard encryption fulfillment. Robby also delivered the Reku platform, has obtained a license from Indonesia’s Bappebti for the staking feature, and regularly released Proof of Reserve (PoR) that has been accurately tested to ensure user funds and transactions are stored intact 1:1 and can be verified.
Strategic collaboration of Reku with Multi-Stakeholder
The startup also continues strengthening its collaboration with Bappebti and Aspakrindo to develop a healthy crypto asset industry. Moreover, with the launch of a crypto exchange expected to guarantee the openness and security of crypto asset transactions, he perceives the collaboration as critical in reviewing the implementation of regulations and market conditions.
“We discovered that one of the factors is related to applying taxes in crypto transactions. This matter could encourage many investors to invest on foreign platforms, which may negatively impact crypto asset traders in Indonesia,” Robby affirmed.
Apart from that, regulators and associations also discuss the rise of illegal exchangers. As is well known, in 2022, the OJK announced that public losses due to illicit cryptocurrencies are estimated to reach more than US$259 million (around Rp4 trillion), which is influenced by the public’s desire to use tax-free exchangers and hunt for other products.
For this reason, Robby recognized the significance of multi-stakeholder cooperation between industry players, associations, and regulators to spread numerous strategic suggestions in seeking the best solutions to implement a crypto industry policy adequately while encouraging product innovation development.
