Crypto Exchanges Making Moves on Indonesian Market

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In Brief
  • Global cryptocurrency exchange Luno is considering entry into the Indonesian market.

  • Meanwhile, local exchange TokoCrypto is looking to make its public market debut.

  • Indonesia is rapidly emerging as a hotspot for cryptocurrency trading.

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While global cryptocurrency exchange Luno is considering entry into the Indonesian market, local operator TokoCrypto is exploring an IPO.



Luno is currently in talks with conglomerate Lippo Group for a joint venture to start operations in the country. The initial capital requirements for the exchange are roughly $10 million, which Luno and Lippo plan contributing equally. They are currently undergoing the process of obtaining the license for the venture.

Despite only being in early stages, one of Luno’s early investors, Venturra Capital, also backed by Lippo, supports the plans. A Venturra Capital spokesperson commented on that early support, having led their Series A funding round in 2015. “We plan to continue the working relationship and support, even after the acquisition by DCG, especially in Indonesia,” they said.



Luno is based in London, but already has regional hubs in Singapore, and Cape Town, South Africa. Digital Currency Group (DCG), which builds, buys, and invests in blockchain companies, acquired it last year. However, it still operates as an independent subsidiary.

Tokocrypto’s public market debut

Meanwhile, Indonesia’s first regulated cryptocurrency exchange, TokoCrypto, is exploring a public market debut over the next two to three years. TokoCrypto CEO Pang Xue Kai explained the time frame, saying the company needs to continue being profitable until then. From the 0.1% transaction fee on the exchange’s trading volume, TokoCrypto netted $10 million in profit, this past year. 

For the time being, he said the firm needs to focus on expanding operations in Indonesia and “make crypto mainstream in the country.” The CEO also highlighted “monitoring the market, scaling the business, [and] building teams and products.”  

Founded in 2018, Tokocrypto, is regulated through Indonesia’s Ministry of Trade by the Commodity Futures Trading Regulatory Agency. It is also backed by QCP Capital and Binance, on which it launched its token offering (TKO) last month.

According to the company, 200,000 participated, contributing around $4.2 billion. TokoCrypto itself holds  $1 billion worth of TKO tokens and has 800,000 users. Claiming to acquire a new user every five seconds, the exchange is also growing rapidly.

Indonesian crypto market

Indonesia is emerging as a hotspot for cryptocurrency trading. Last year, the value of crypto assets there amounted to 64 trillion rupiah ($4.44 billion). Already in the first two months of this year, the value of crypto assets surpassed the 6 trillion rupiah mark. Meanwhile, the number of cryptocurrency traders in Indonesia is growing rapidly, currently estimated at four million. 

Besides Luno and TokoCrypto, other exchanges are also making big moves in Indonesia. Last week, Jakarta-based crypto exchange Pintu raised $6 million from a slew of investors, including Pantera Capital and Intudo Ventures. They intend to use the funds to build brand awareness, as well as ramp up headcount and develop new features.


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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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