The key players in Indonesia’s Web3 space

Like everywhere else, Web3 is on the rise in Indonesia, as seen in the increasing number of crypto investors and enthusiasm for NFTs. The use of metaverse for marketing has captured public attention as well.

Investors have taken notice. Based on data compiled by Tech in Asia, funding for Web3 startups in the country has surged in the last two years.

The number of players in the sector is growing even as the crypto winter persists. In Indonesia, the situation has become more complicated after the government tightened its crypto exchange rules. New fraudulent schemes such as “pig butchering” have reached the country.

In addition, Indonesia is reportedly planning to set up a national crypto exchange this year.

In terms of fundraising, the archipelago’s most prominent Web3 players are primarily crypto exchange platforms. Indodax was one of the first to bag venture funding, raising US$1 million from East Ventures in 2017.

Another exchange platform, Pintu, has raised the largest funding in the sector. The company has banked a total of US$148 million in series A and series B rounds from backers including Coinbase.

Meanwhile, another global exchange platform has a more direct presence in the country. Binance acquired Indonesia-based crypto exchange Tokocrypto in December 2022 after investing in the firm two years prior.

These players are just a few of over 100 Web3 startups in Indonesia. Most, however, have yet to receive venture-round funding, and those who have are still primarily in seed stage.

Most Web3 startups in the country focus on the decentralized finance (DeFi) segment, followed by NFT marketplaces/projects.

You can find the breakdown below.