Coinhako's "E-Wallet Crypto" Service Announces Presence in Indonesia

Coinhako, a digital wallet service specifically for digital currencies, announced its presence in Indonesia. Previously this service was present in Malaysia. This Singapore-based company is visiting Indonesia because it already has more than one million Indonesians trading Bitcoin. The rupiah is in the top 20 countries in the world that are most traded for Bitcoin.

Co-Founder and CEO Coinhako Yusho Liu said, Coinhako positions itself as a simple crypto e-wallet service and low transaction fees. This approach is taken in order to acquire new users, as well as to differentiate from competitors.

"We use the lowest price on the market. The range can be 2%-5% different from competitors' prices depending on market conditions at that time. The fee we charge users is only 1% of each cryptocurrency purchase/sale. This low price is our strength to capture new user loyalty," Yusho explained to DailySocial.

The UI/UX interface, both on the Coinhako app and website, is designed to be as concise as possible, so even beginners can use it. Users can buy Bitcoins with local bank accounts, transactions will be processed at a moment's notice.

Currently available digital currencies are Bitcoin and Ethereum. Users can transfer, sell, or buy currencies inside Coinhako. Its competitors in Indonesia include Indodax and Luno.

Coinhako business targets

Expansion to Indonesia is Coinhako's ambitious target in increasing the number of users. Yusho said he was ready to disburse a number of special investment funds for Indonesia, although he was reluctant to mention the detailed figures.

"We will definitely make sustainable investments to develop our business in Indonesia. What we are currently preparing is to build a local team."

For the time being, Coinhako's operations in Indonesia are still carried out at the Singapore head office. His party is still forming a local team, consisting of at least three people. Gan Kapital has been prepared by Coinhako as a local partner. They will help with platform operations.

He targets that by next year Coinhako can attract 500 thousand new users. The company targets technology activists aged 18 to 40 years. In order to achieve the target, his party will carry out a number of initiatives to increase public penetration regarding digital currency.

The company is committed to improving the security of digital wallet services with high standards of industry best practices and implementing better security protocols through blockchain.

With this in mind, Yusho is committed to giving full support to the decision recently issued by the Indonesian Commodity Futures Trading Regulatory Agency (BAPPETI) to classify digital currencies as tradable commodities.

Coinhako was founded in Singapore since 2014. Over the course of its journey, the service has received a number of investments from Tim Draper (Draper Associates), Josh Jones (Dreamhost), Yang Ventures, and Boost VC. The company plans to expand to Vietnam this year, as well as the Philippines in 2019.