Indodax Crypto Startup Targets to Have 6.5 Million Members by 2022

Bitcoin and crypto-asset marketplace startup Indodax claims to have 4.8 million members or members by 2021. In a press release, Monday (10/1/2022), Indodax said they have a target growth of members of up to 35 percent or around 6.5 million in 2022.

Indodax CEO, Oscar Darmawan revealed, as many as 4.8 million members in 2021, 99 percent of whom are Indonesian. He said, at the end of 2020 the number of membership was only 2.3 million.

“With this data, we can see that Indodax’s performance as a crypto asset marketplace is very good with an increase in total members by more than 100 percent,” said Oscar.

Total transaction growth was also recorded to increase by 700 percent. Indodax added, monthly active traders increase 3 to 12 times every month, if you look at the comparison from 2020 and 2021.

More Booming in 2022

Oscar said that they are optimistic about this increase in membership because crypto-assets such as Bitcoin, blockchain ecosystems such as decentralized finance (DeFi), Non-Fungible Tokens (NFT), and the metaverse will boom in 2022.

In addition, according to Oscar, it is possible that in 2022, there will be another new ecosystem and make cryptos skyrocket in popularity and valuable.

Indodax itself said that they still dominate the market in terms of the number of members. Based on BAPPEBTI data as of October 2021, the number of crypto asset investors in Indonesia has reached 9.5 million investors.

Besides Bitcoin, the crypto asset with the largest market cap or market cap is Ethereum (ETH). Indodax CEO Oscar Darmawan in a press release, quoted Monday (3/1/2022) said, Ethereum has now evolved into Ethereum 2.0.

According to Oscar, with this evolution, the speed, efficiency, and scalability of the Ethereum network will increase so that it can process more transactions and reduce congestion.

“Technologically, the price, and the actual ecosystem Ethereum has outperformed Bitcoin. Ethereum is good, the ecosystem is also extraordinary and is used in the institutional world as well,” said Oscar.

Even so, Oscar said, the problem is whether Ethereum will be able to scale up again or not, to lower transaction costs, because the gas fee from Ethereum is the key.

“If by 2022 this Ethereum developer can lower the gas fee, I think there’s a possibility that Ethereum could offload the Bitcoin lap,” said Oscar.

Indodax data at the end of last December, on the 28th, Ethereum touched the range of IDR 58 million per 1 ETH. In early January 2021, the price of 1 ETH is only around IDR 10 million.

So, it can be concluded that there is an increase of around 480 percent. The performance of this crypto is also considered very good in 2021, even touching an all-time high of 68 million in November 2021.

The Role of the Metaverse in the Crypto World

Previously, Oscar said that the metaverse will play a major role in NFT and the crypto world in 2022. The trend of NFT also depends on the success of the metaverse.

This statement was conveyed by Oscar through a press release, quoted on Thursday (12/30/2021). According to him, in 2021, the metaverse and NFT trends are widely discussed by people.

“When it comes digital world and metaverse, the money will not be centralized. It will certainly be digital and decentralized. That will drive crypto,” said Oscar.

According to him, this is the same when talking about NFT. Digital painting in NFT is as expensive as anything, so it’s useless if it doesn’t have a function.

“But if we live in a digital world and have expensive NFT digital assets, of course it will be very useful,” said Oscar.

Therefore, Oscar assesses that the metaverse trend can take off, as well as NFT. “If NFT is without a metaverse, it will only be hype,” he added.