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Hello reader,
Like many others, when Bitcoin was first exploding in popularity, I’d heard about it but didn’t really understand the underlying purpose of blockchain technology. I was still in my teens, and while I didn’t have the capital to try to invest in it, all I saw was (dumb teen that I was): “price up = good.”
Even when I got my first full-time job after graduating (thanks Tech in Asia), I had a little more knowledge about blockchain tech but still saw it primarily as an investment opportunity. That was around the time that Bitcoin and other cryptocurrencies were reaching new all-time highs every other week.
Then late 2021 brought the first in a series of crashes in the crypto market as the overall global economy started tanking. That, plus several months of working in Tech in Asia, led me to reevaluate my view of blockchain tech so that I could really understand what it’s all about.
And it’s a big world out there. Within Web3, there’s so many different segments, from decentralized finance (DeFi) to NFT marketplaces and more. If you’re based in Indonesia and want to learn more about how this space is thriving in the market, we’ve got just the right article for you.
Today we look at:
- The firms that make up Indonesia’s Web3 sector
- A Hong Kong-based logistics firm’s new series A bag
- Other newsy highlights such as Binance announcing plans to hire more staff and an Indonesian insurtech firm’s new strategic partnership.
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Web3 for thee?
Image credit: Timmy Loen
If you want to dive headfirst into Indonesia’s Web3 landscape, look no further. We’ve compiled everything you need to know about the space, from firms in each vertical to funding information. The country’s Web3 sector is a wild and promising ride to be on, so buckle up.
- To the moon: Overall funding for Web3 startups has taken off in the last two years. In 2020, the sector only saw one deal. Last year, that figure jumped to eight deals with a total value of US$187.9 million.
- Splitting the pie: Most firms in the country fall under the DeFi segment – we’ve tracked 36 in our list. It’s followed closely by NFT marketplaces and projects, of which there are 31. Other categories include metaverse firms, blockchain enablers, GameFi platforms, and media titles.
- Lots of zeroes: The firm that’s gotten the biggest amount of disclosed funding is Pintu, a crypto exchange platform. It has banked a total of US$148 million across its series A and series B rounds from backers including crypto major Coinbase.
Read more: The key players in Indonesia’s Web3 space
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