Indonesian crypto exchange Reku nets $11 million in Series A

Reku, formerly Rekeningku.com, an Indonesia-based crypto asset marketplace has raised $11 million in its Series A funding round led by AC Ventures, with participation from Coinbase Ventures and Skystar Capital.

• The funding will be used to add 50 more employees to its current 80 and improve its platform's security, compliance, efficiency, and scalability, the crypto exchange startup claims.
• Founded in 2017, Reku provides the least fees on the market and focuses on newcomers and experienced crypto traders. It creates products that guide users to seamless and smart investing, alongside educational features for first-time traders on its platform.
• Reku is compliant with Indonesia's commodities future trading agency (BAPPEBTI) and emphasizes user safety by enabling the trading of well-established cryptocurrencies like Bitcoin and Ethereum. The crypto startup generated $3 billion in gross transactions in 2021 and is now profitable.
• Jesse Choi, a private equity investor at Bain Capital will now become Reku's COO as the crypto platform continues to penetrate the cryptocurrency space in Indonesia, the firm says.