Indonesia’s biggest exchange platform for cryptocurrencies including bitcoin could soon outrank the national stock exchange by sheer numbers of participants. A single cryptocurrency exchange in Indonesia could soon have more registered users than the country’s 106-year old stock exchange. If the value of bitcoin and the wider cryptocurrency market is in a rut, Indonesians have missed the memo.
Speaking to Bloomberg, Indonesia Digital Asset Exchange (INDODAX) chief executive Oscar Darmawan claims the platform is on track to have 1.5 million KYC-registered users by the end of the 2018. With thousands of new users registering every day, the crypto exchange currently sees 1.14 million users after opening its doors in 2014. In contrast, the Indonesia Stock Exchange, the country’s national stock exchange, has a total of 1.18 million registered participants that trade stocks, futures, exchange-traded funds and options of listed companies worth a combined $520 billion, Bloomberg adds. The current combined market cap of cryptocurrencies stands at $355 billion, down from an all-time high of nearly $830 billion in early January this year.