Based in Bali, Indonesia, Bitcoin.co.id is a digital asset exchange platform that offers Bitcoin, Ethereum, Litecoin, and Ripple

Indonesian cryptocurrency startup Bitcoin.co.id today announced that it has raised an undisclosed funding from venture capital firm East Ventures.

In a press statement, Bitcoin.co.id CEO Oscar Darmawan said that in addition to educating and focussing on the Indonesian market, the startup also plans to reach other markets in the Southeast Asian region.

The Bali-based startup is a digital asset exchange platform that offers Bitcoin, Ethereum, Litecoin, and Ripple.

Founded in May 2013 by Darmawan and William Sutanto, the platform started out as a news platform that covers digital assets in the Indonesian language.

Starting in February 2014, recognising the existing challenge of selling and purchasing digital assets in the country, the co-founders then pivoted to become Indonesia’s earliest digital asset exchange.

Also Read: How Bitcoin is doing in Indonesia, and its opportunities as an investment commodity

In the same year, the country’s central bank Bank Indonesia announced the ban of Bitcoin and other cryptocurrencies as a payment method, though cryptocurrency exchanges are not affected by the ban.

The central bank reaffirmed the ban in October, with Bank Indonesia Governor Agus Martowardojo stating that “actions will be taken” against parties that are using cryptocurrency as a mean of payment, according to Detik.

Following the announcement, several media reported that Indonesia-based cryptocurrency startups Bitbayar and Toko Bitcoin had to shut down its business.

Of all provinces in Indonesia, Bali is one where Bitcoin use has begun to take off, thanks to its bustling tourism industry and blossoming tech community.

Despite the government’s ban, coinmap.org reported that there are at least 42 merchants in Balinese cities Denpasar and Ubud that accept Bitcoin as a payment method.

East Ventures itself has stated that it will invest more into the category.

e27 has reached out to Bitcoin.co.id to find out more details about their expansion plan and their comments on the government’s ban of Bitcoin as a payment method.

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Image Credit: Bitcoin.co.id

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