MEXC Ventures has made an undisclosed strategic investment in Indonesian cryptocurrency exchange Triv, a firm now valued at $200 million.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
MEXC Ventures, the investment arm of crypto exchange MEXC, has earned a stake in Indonesia-based Triv following a strategic investment in the trading platform. Though the specific valuation of the investment was not disclosed, it is worth noting that the move is part of MEXC’s expansion strategy for the Southeast Asia region.
Triv is one of Indonesia’s oldest crypto exchanges that has not gained popularity like some of its counterparts. This does not downplay the significant progress that the exchange has made since 2015, when it was established. For context, Triv boasts of more than 3 million registered users and has licenses for spot trading, staking, and futures.
According to Triv, it is “fully supervised” by both Indonesia’s Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
As reported by The Block, MEXC’s investment in the exchange was completed at a valuation of $200 million. In addition to the expansion that this event brings to MEXC Ventures, it could be the catalyst that 10-year-old Triv needs to gain traction amongst crypto enthusiasts in Indonesia.
While it’s a lesser-known crypto exchange, the Indonesia-based firm is in close competition with some of the top licensed exchanges. This includes Binance-owned Tokocrypto, which is a regulated Physical Crypto Asset Trader (PFAK) in Indonesia, Indodax, and Pantera-backed Pintu. It is not certain if its deal with MEXC is the first external funding that it has received.
However, this is the first time that the exchange is in the public eye for securing institutional funding.
Triv is confident that the deal will be instrumental to greater achievements soon. Gabriel Rey, Triv founder and CEO, reiterated that the partnership with MEXC would help in the expansion of coin offerings and the enhancement of liquidity. Also, Rey claims that it would serve as support for CryptoWave Media, Triv’s local crypto media arm.
Speaking of the investment, Leo Zhao, the investment director at MEXC Ventures, noted that, “Indonesia is one of the most dynamic and promising digital asset markets in the [Southeast Asia] region. Triv has earned a strong reputation for compliance, security, and user trust.”
Indonesia has invested many resources and effort to boost the crypto market on its shores. In 2024, authorities in the Southeast Asian country introduced the regulatory sandbox, which all crypto firms had to go through before they received licenses from the country’s Financial Services Authority (OJK).
Noteworthy, any firm that offers cryptocurrency services without going through the sandbox is considered illegal.
At the end of July, the Finance Ministry of Indonesia hinted at the coming of a significant policy shift on cryptocurrency taxes. The plan is to increase the domestic trades tax from 0.1% to 0.21%, while foreign exchange trades face a 1% tax, up from 0.2%. This incoming policy removes friction for those who purchase digital assets, as they will no longer need to pay Value Added Tax (VAT).
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
