Nexticorn Facilitates Web3 Investment Potential in Indonesia
A total of 156 global investors and hundreds of startups participated in this annual event
Nexticorn (NXC) International Summit 2022 by WIR Group will be held again from 31 August to 2 September 2022 in Nusa Dua, Bali, with the big theme of unlocking Indonesia's potential as a Web3 investment destination in Asia.
In his remarks, Minister of Communications and Informatics Johnny G. Plate said that this event opened up opportunities for the industry to encourage use of Web3 at the same time connect founder, startup, or developer with global investors.
Emergen Research noted that the global Web3 market value is $3,2 billion in 2021 and is projected to reach $81,5 billion in 2030. As a context, Indonesia is currently still in the early stages of using Web3. However, a number of stakeholders in this area are exploring use case that can be adopted by the Indonesian market. Some that are already running are Blockchain, NFT, and crypto assets.
"We'll see startups soon unicorn next because of activities business matchmaking will stimulate the growth of the startup ecosystem in Indonesia," said Johnny when conveying keynote address. For your information, Indonesia now has as many as 14 unicorn.
Web3 utilization on a large scale will create added value for the future of the digital economy in Indonesia, which is currently the largest in Southeast Asia. Referring to reports from Google, Temasek, and Bain & Company, the value of the digital economy in Indonesia in 2021 will reach $70 billion and is estimated to increase to $146 billion in 2025.
The Nexticorn event will facilitate activities business matchmaking startups with investors. There are 156 global investors participating with 3000 requests and 1.200 confirmed meetings. Previously, Nexticorn was attended by 88 startups in 2018 and 97 participating startups in 2019, and this year 100 startups participated.
In a separate session, Deputy Minister of Commerce Jerry Sambuaga targeted exchanges specifically for trading crypto assets to launch this year. According to Jerry, his party is currently completing a number of verification processes.
Through this initiative, the government seeks to make this platform open to stakeholder, prioritizing comprehensive consumer protection, and creating a secure crypto ecosystem.
"Hopefully [it can be realized this year]. We are trying to be careful, we don't want to be too hasty. Forming a stock exchange requires a lot of preparation, who will enter, validation entity, there is a minimum capital requirement, repository, custodian. More on technical matters," he said.
Tokocrypto co-founder and CEO Pang Xue Kai enthusiastically welcomed the government's initiative to set up a crypto exchange. Apart from growth, it can also encourage fairness for the crypto ecosystem in Indonesia.
"Benefit what it can bring is opening up higher liquidity for the crypto industry. Currently, most [users] are from retail, not yet entering the institutional segment. We see the industry is starting to open up to institutional and corporate, products that are more complex, not retail. It becomes a catalyst for the whole ecosystem," he explained.
Plans to establish crypto exchange special been discussed since last year. According to CoFTRA, the high interest in crypto transactions has prompted regulators to create exchanges as a protective measure.