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Indonesia Sees Further Crypto Investor GrowthRecent data released by the Commodity Futures Trading Supervisory Agency (Bappebti) underscores the robust growth of the crypto investment landscape in Indonesia.Photo by Nick Agus Arya on Unsplash10.1% year-on-year increaseAccording to reports published in recent days in local media, as of September 2023, the country boasts 17.91 million crypto investors, marking a noteworthy 0.67% uptick compared to the previous month of August, which registered 17.79 million individuals.Over the span of a year, from September 2022 to September 2023, the Southeast Asian nation witnessed an influx of approximately 1.64 million new crypto investors, showcasing a remarkable 10.1% increase from the 16.27 million reported in September 2022.Emerging from a slowdownWhile this growth signals a positive trend, a noteworthy observation pertains to the deceleration in crypto investor growth from October 2022 to August 2023. The data reveals that during this period, the increase in the number of crypto investors in Indonesia never exceeded 1%. This slowdown can be attributed to the global crypto market’s trend characterized by uncertainty and a downward trajectory.Tirta Karma Senjaya, Head of the Bappebti Commodity Futures Trading Development and Development Bureau, comments on this phenomenon, stating, “Growth in the number of crypto investors in Indonesia continues to increase, but investors are still looking for the right time to buy crypto.”Furthermore, Bappebti highlights a reduction in the value of crypto transactions in Indonesia for September 2023, amounting to IDR 7.96 trillion ($502 million). This marks a decrease of 25.2% when compared to the preceding month, which recorded a total of IDR 10.64 trillion. In contrast to the previous year, this decline reflects a substantial 54.7% contraction from the September 2022 figure of IDR 17.57 trillion.Yudhono Rawis, CEO of Tokocrypto, an Indonesian crypto exchange platform, suggests that global conditions, including economic and regulatory uncertainties, have significantly impacted the crypto market’s evolution, both within Indonesia and worldwide. Despite the recent slowdown in growth, Indonesia’s crypto market continues to exhibit considerable potential.Bitcoin resurgenceYudhono remains optimistic, anticipating that the growth and trading volumes of crypto assets in October will surpass previous records. This optimism stems from the surge in Bitcoin prices, which soared in excess of $35,000 (approximately IDR 556.5 million) towards the end of October. This milestone marks Bitcoin’s highest point in nearly 18 months and signifies a mounting interest in the crypto market on a global scale.In a statement to Voice of Indonesia, Yudhono stated:“We are confident that the growth of investors and transactions will continue to increase. The increase in Bitcoin prices and increasingly strong interest in the crypto market in general are indications that these digital assets are increasingly accepted by society. We hope that this trend will continue and bring benefits to the entire ecosystem crypto.”The crypto investment sector in Indonesia continues to experience steady growth, albeit amid global market fluctuations. With Bitcoin’s resurgence and a growing appetite for digital assets, the outlook for Indonesia’s crypto market is positive.

Wemade Launches NFT-Based DeFi Service to Empower Its EcosystemSouth Korean gaming company Wemade today launched NFTFi, a peer-to-peer decentralized financial service based on non-fungible tokens (NFTs), according to an official press release. The service is now accessible on Wemade’s DAO-powered blockchain NFT platform NILE, also known as NFT Is Life Evolution.Photo by Choong Deng Xiang on UnsplashBorrow and lend NFTsInitially, NFTFi will enable users to borrow and lend NFTs, with plans to introduce a swap function in the future. The service will support trading for all NFTs available on the NILE marketplace, including the NEITH NFTs unveiled in March this year.Through NFTFi, borrowers have the ability to secure WEMIX tokens or WEMIX Dollars by using NFTs as collateral. Borrowers can request loans, and lenders can review these requests and assess the conditions under which they are willing to lend their assets.The borrower who presents the most favorable borrowing terms will be selected, and the loan contract will be automatically executed. The NFTs provided as collateral will remain locked until the loan is fully repaid. In the event of failure to repay, ownership of the NFTs will be transferred to the lender.Effective asset managementNFTFi users will have the ability to evaluate the value of an NFT based on various data. Notably, NEITH NFTs offer effective asset management as their holders can claim the amount of WEMIX tokens at any time from the Covenant Date. This token eligibility feature contributes to the stability of NEITH NFTs.NILE expects that NFTFi will enhance the value of NFTs as financial assets and play a role in the sustainable growth of the WEMIX3.0 ecosystem.

Seychelles-based crypto exchange OKX’s Web3 wallet service, OKX Wallet, has begun supporting Wemade’s blockchain network WEMIX3.0, according to an announcement on Friday (KST). This development will allow OKX Wallet holders to directly manage the crypto assets that they hold from the WEMIX3.0 ecosystem. Photo by GuerrillaBuzz on UnsplashSeamless access and versatile Web3 servicesOKX Wallet notably supports over 70 networks and 3,000 cryptocurrencies and provides other wide-ranging Web3 services like NFT trading, crypto swaps and a decentralized finance (DeFi) platform. In particular, it also has a hassle-free recovery process for account access that employs Multi-Party Computation (MPC) technology, effectively eliminating the need for traditional recovery methods like seed phrases.  OKX Wallet and WEMIX3.0 also vowed to work on more integrations and joint campaigns in the future to round up a larger global user base and lead the era of Web3.  A rising force in cryptoIn other news, WEMIX3.0’s governance token, WEMIX, has been making a significant impact in the crypto industry. The asset ranked ninth in CoinMarketCap’s list of largest blockchains in crypto ranked by total value locked (TVL) last month, and it possessed the largest constituent weight in terms of market capitalization in the gaming sector in the latest Crypto Sector Indices released by Sygnum, a global digital asset banking group headquartered in Switzerland and Singapore.