Reku, indonesia-based crypto exchange and marketplace, has raised $11m in Series A funding led by AC Ventures.
The round also saw participation from Coinbase Ventures and Skystar Capital.
Reku said it offers its users the lowest fees in the Indonesian market. The platform was built fully in-house and has been refined over the last five years with “maximum security and compliance in mind,”
Reku has generated $3bn in gross transaction value in 2021.
The company also said its platform has grown almost exclusively from word-of-mouth. The exchange only provides reputable tokens to its users, meaning tokens must be highly credible and have sufficient liquidity in order to provide an extra layer of safety to users on Reku.
The startup said it will use the fresh capital to add more than 50 team members to its current headcount of 80. It will also roll out new offerings to address the biggest pain points of Indonesia’s crypto investors for both experienced traders and first-timers alike.
Sumardi Fung, co-founder and CEO, said, “It’s no secret that crypto has been surging in Indonesia in recent years. Despite multiple macroeconomic pullbacks such as the pandemic and the 2022 recession, local demand remains resilient. That said, there are still many problems faced by the country’s crypto users.
“Even today, crypto is a complicated asset class to understand. To get into it, Indonesians must have sufficient guidance and trust in the platforms they use on a foundational level. We aim to help them achieve this with Reku, and offer them the most protection possible before letting them buy and sell cheaply and safely on the platform.”
Michael Soerijadji, ACV founder and managing partner, added, “We are excited to lead this investment into Reku. With an intuitive user experience, the lowest fees in the market, and a great leadership team, we are confident Reku will solidify its leadership in Indonesia’s vibrant crypto industry.”
Sender, a NEAR-based eco-wallet, recently raised $4.5m in a private round led by Pantera Capital.
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