Crypto exchange Reku raises US$11 million Series A led by AC Ventures

INDONESIA-BASED crypto exchange Reku has raised a US$11 million Series A round led by AC Ventures.

Other investors include Coinbase Ventures, the venture arm of crypto exchange Coinbase and Skystar Capital.

Sumandi Fung, co-founder and chief executive 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”.

Reku claims it has generated US$3 billion in gross transaction value in 2021. The crypto exchanges founding team has pre-existing relationships and intimate knowledge of Indonesia’s Commodities and Futures Trading Regulatory Agency (BAPPEBTI).

Robby, co-founder and chief compliance officer, Reku, said: “Compliance with BAPPEBTI and user safety is baked into every single feature and experience on Reku”.

The funds will be utilised to grow the team from 50 to 80 members, as well as roll out new offerings for crypto traders in Indonesia.

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Michael Soerijadji, founder and managing partner, AC Ventures, said: “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”.