Indonesia-based crypto-exchange Bitcoin.co.id has reportedly secured an undisclosed investment from East Ventures.
The capital will be used to help further its presence in Indonesia, and to start its expansion to other countries in Southeast Asia, according to an article by DailySocial.id.
Bitcoin.co.id is an online platform that enables users to buy and sell bitcoin, ethereum and other digital tokens, in Indonesia. The platform allows token holders to exchange cryptocurrencies instantly, or to buy tokens using payments and deposits from any local Indonesian bank.
The platform uses multifactor authentication which uses e-mail, SMS verification and a Google Authenticator pin, to ensure all transactions are secure.
Indonesia has seen a range of investments into FinTech companies over the last couple of months. Last week, digital tax reporting solution OnlinePajak closed a Series A led by Alpha JWC Ventures, to help it develop its technology. Other recent investments in the country include blockchain startup Pundi X retting $4m in a pre-sale ICO, and online marketplace Tokopedia nabbing $1.1bn in a round led by Alibaba Group.
The Asian blockchain and cryptocurrency market has seen a massive increase in funding over the past year. The first three quarters of 2017 has seen eight-times more capital invested than the whole of last year. So far, this year there has been $217.9m deployed across nine deals, while 2016 saw just $26.9m invested in 10 transactions.
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