Singapore-based digital wallet service Coinhako today announced its entry to the Indonesian market.
The service will allow users to store and trade digital currencies such as Bitcoin, Ethereum, and Bitcoin Cash, replicating the services that are already available in Malaysia and Singapore.
It will also enable trading to Indonesian Rupiah, in addition to Singapore Dollar and Malaysia Ringgit.
“Our objective is to provide access and liquidity throughout the whole Southeast Asian market, or even the greater APAC market,” Coinhako CEO Yusho Liu told e27 in an interview in Jakarta.
According to Liu, based on population size alone, the Indonesian market is already an attractive one for the company.
“We want to be the first point of contact for new crypto users, that’s why we try to keep our website simple … from the users’ perspective,” he said.
When asked about the company’s marketing strategy, Liu said that most of Coinhako users were acquired organically.
“People are always attracted to one thing: A good price. When there is a good price, naturally the word will spread and it grows organically. That’s what we did, successfully, in Malaysia and Singapore and we are trying to replicate it for Indonesia,” he explained.
In terms of regulations, while the country has banned the use of cryptocurrency as a payment method, Indonesia has recently announced a decision to classify cryptocurrencies as a form of trade-able commodity.
“Despite their disruptive potential, no industry is sustainable without some form of regulation and we are glad to see this being studied in detail … as we work towards a more accountable and reliable future for people to manage this new asset class,” Liu said.
Founded in 2014 by Liu and Gerry Eng, Coinhako had participated in an incubator programme in Silicon Valley before returning to set up base in Singapore.
It named Tim Draper, Josh Jones, and Boost VC as backers.
Image Credit: Coinhako