Mobee Launches Indonesia Crypto Exchange, Secures License And Funding

A new crypto exchange has secured a license in Indonesia whilst raising funding.

Mobee, which describes itself as a "leading investment firm in digital assets and securities," is launching its newly registered digital asset exchange in the country after obtaining a license from the Commodity Futures Trading Regulatory Agency (BAPPEBTI).

Through a funding round led by 1982 Ventures with participation from strategic family offices and individuals, the startup raised an undisclosed sum. The firm partners with family offices, and institutions as well as individuals seeking for digital assets adoption and wealth creation.

Funds will be used to expand operations, services and products, Mobee said.

“Mobee will allow Indonesian investors to effortlessly access a wide range of institutional-grade investment products in digital assets and securities,” said co-founder Andrew Tjahyadikart.

“Our focus is to bring key players and businesses in Indonesia on-chain and provide them the level of service, trust, and security they are accustomed to as they begin to allocate more capital to digital assets,” Tjahyadikart added.

Tjahyadikart is the co-founder and former CEO of ultra-luxury hospitality group Kaja Group. He started Mobee with banking and trading executive Jeff Pradana in 2022.

Indonesia's crypto appetite

Indonesia has been gradually warming towards web3. In February, Indonesia's Ministry of Trade said it was moving forward with plans to launch a national crypto exchange, now targeting a June 2023 launch date, six months after its initial target of December 2022.

The national exchange is intended to act as a clearing house and custodian in the local crypto market, mediating transactions and managing the movement of assets between buyers and sellers.

There are currently five exchanges in the race to be part of the bourse, out of the 25 exchanges that are registered with BAPPEBTI. The minister said all five might be part of the new exchange.

According to Gemini’s 2022 Global State of Crypto report, Indonesia has the highest crypto ownership (41%) among countries with adults earning more than US$14,000 annually. The Indonesian Ministry of Trade estimates that the country currently has 14 million crypto users, up from 6.6 million users in June last year.

BAPPEBTI reported that crypto transactions throughout 2022 reached Rp306.4 trillion (US$20.6 billion). The figure is down 64.3% as compared to Rp858.76 trillion (US$57.7 billion) in the previous year. In 2020, transactions totalled Rp64.9 trillion (US$4.3 billion).

The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:

BlockBeat for a wrap-up of the week’s digital assets news
Blockhead Brief for weekend happenings as well as what to look forward to in the week ahead
Business Bulletin for macroeconomic updates and industry developments.

To avoid FOMO and access member-only features, click here to subscribe for FREE.