Cryptos are new battleground for Indonesia's tech investors

Jakarta

IN April this year, Tokocrypto - the first registered cryptocurrency exchange in Indonesia - launched its own token called TKO valued at US$50 million. On the first day of trading, the token surged to a high of US$1 billion in market cap as retail investors snapped it up in droves.

The price for each token rose from just 10 US cents to US$10, and although the price has since come down sharply to about US$1.80, the initial surge reflected the strong retail investor interest in crypto-currencies, one of the fastest growing asset classes in Indonesia.