Indonesian Crypto Investors to overtake Stock Investors by 2018-end
INDODAX, the largest exchange in Indonesia may overtake the stock exchange in terms of participants.
According to Bloomberg, the CEO, Oscar Darmawan, has estimated the total number of participants in his exchange to be 1.5 million by the end of the year.
Currently the total number of customers served by them is 1.14 million. In contrast, the Indonesian stock exchange serves only 1.18 million participants as per the Indonesian Central Securities Depository.
Founded in May 2013 by Oscar Darmawan and William Sutanto, the website bitcoin.co.id was initially meant to provide news about Bitcoin and other crypto-currencies to the people then. As it gained a following among its users, the founders realized that there was a bigger challenge faced by the bitcoin community. It was to find a platform that can facilitate purchasing and selling of assets. When it launched in February 2014, Bitcoin.co.id was the first Bitcoin exchange in Indonesia. Now INDODAX is the largest in Indonesia by volumes.
“We are seeing almost 3,000 new members signing up everyday,” Darmawan said. “Most people are trading in bitcoins though transactions in Ethereum has increased significantly of late. Indonesia Digital Asset Exchange (INDODAX) is targeting daily volume to double from an average 100 billion rupiah ($7.3 million) a day currently”
When compared to the average daily volume of $7.3 million in crypto, the average daily volume in the Indonesian stock exchange is $ 550 million as on 2017.
Although it is heartening to see crypto participants rise in number, it will be an icing on the cake for crypto investors to see more skin in the game with respect to volumes.
For that, there needs to be greater awareness about crypto currencies in the country. There also needs to be focus on the infrastructure required to boost those sort of volumes for the arrival of the masses and institutional investors as well.
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