MEXC Ventures invests in Triv Exchange to boost Southeast Asia crypto growth, aiming to expand services and regional market presence.
MEXC Ventures has made a strategic investment in Triv, one of Indonesia’s oldest and most recognized cryptocurrency exchanges. The investment was declared as the expansion of the presence of MEXC in Southeast Asia. According to various sources close to the topic, Triv is now worth around $200 million.
Triv Exchange Expands Services Amid Growing Indonesian Crypto Market
Triv was established in 2015, and it has developed a substantial number of users in Indonesia. The platform covers a large variety of crypto assets such as Bitcoin (BTC), Ethereum (ETH), USDT pairs, and memecoins. It also gives access to stock market products in the US giving the Indonesian investors a wider range of opportunities to diversify. Such attributes are said to have helped Triv to grow stably in the past few years.
As stated by the representatives of the company, the alliance is likely to improve the trading services offered by Triv. It can also aid in the introduction of new financial products to new and existing users. According to MEXC Ventures, this investment is envisaged as a means of adding liquidity, product lines, and general infrastructure to Triv.
Analysts in the industry have reported that the Indonesian crypto market has been expanding at a high rate. In the year 2023, the volume of local crypto transactions was recorded at 650 trillion rupiah, almost equivalent to 40 billion US dollars (USD). It is reported that the current users on licensed exchanges in Indonesia has exceeded 20 million users, and this is more than the users of the national stock market.
Other recent regulatory developments have also contributed to the development of the industry. Although VAT on the purchase of cryptos has been eliminated, a 2.2% VAT has been imposed on the mining of cryptos. Also, there is the addition of a 0.21% charge on every sale in the local exchanges, where previously the rate was 0.1%.
Triv Enters Second Growth Phase After MEXC Investment
Triv has publicly stated that it operates under the supervision of the Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Authority (BAPPEBTI). The platform asserts that it complies with all the regulations of running a digital asset exchange in Indonesia.
Investment analysts believe this strategic investment can shape the future of crypto finance in Southeast Asia. Other firms have joined the Indonesian market as interest by the institutions has grown. Recently, OSL Group bought a local exchange operator, Evergreen Crest Holdings, back in June, which cost it 15 million dollars.
Related Reading: OSL Group Secures $300M to Boost Crypto Payments and Acquisitions
The MEXC-Triv deal is largely seen as a positive step for both sides, although financial terms remain undisclosed. Still, the move reflects rising trust in Indonesia’s crypto ecosystem and shows that Southeast Asia is becoming a crypto hub.
The investment is expected to help Triv grow further and stay competitive in the fast-changing market environment. Meanwhile, experts believe other global crypto firms may follow, as interest in Southeast Asia continues to grow rapidly.
