Indodax: Largest Cryptocurrency Exchange in Indonesia for Transacting Cryptocurrencies

Scott CookAugust 31, 2019Last Updated: August 28, 2020

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Indodax (The Indonesia Digital Asset Exchange) is Indonesia’s biggest cryptocurrency exchange, with registered users of 1.7 million currently, and it processes more than 7 million dollars or Rp 100 billion transactions worth each day, showing a keen interest in trading digital assets. Moreover, it is the ideal place to purchase and sell digital assets like Bitcoin, NEM, Ethereum, and Ripple in Indonesia. By Listing NEM on Indodax, customers can buy XEM utilizing Rupiah currently.

https://twitter.com/NEMofficial/status/1167678403685695488

INDODAX is the most predominant Digital Asset Exchange in Indonesia that acts as a foundation for the whole finance ecosystem in Indonesia that implement open blockchain technology. Previously, it is known as Bitcoin Indonesia. It has been serving Indonesia and South East Asia from 2014. Moreover, the exchange moved forward with the one million members in February a year ago, when there was a sharp fall in the cost of the Bitcoin, the world’s first famous cryptocurrency.

Since then, Indonesians have turned out to be progressively fascinated by cryptocurrencies to such an extent that Indodax has currently shifted to a more prominent head office to South Jakarta, at the Millennial Centennial Center structure. Indodax additionally has branches in Semarang in Central Java, Bali, and Surabaya in East Java.

Furthermore, the Indonesian government has demonstrated an interest in trading digital currencies. The central bank and the Financial Services Authority bar used cryptocurrency as a form of payment and identified it as a digital asset that can be traded among speculators.

NEM is a Blockchain-based P2P digital currency and a development platform. NEM can be defined without referencing its innovative agreement algorithm, which is a Proof-of-Importance algorithm. Moreover, Miners with a higher significance score are bound to get a reward from mining. The POI framework is based on this to stimulate NEM clients to have XEM coin exclusively, but they can perform exchanges with it.

Additionally, NEM gives more features like Messages included in the transaction that can be utilized for more secure communication and multi-signature transactions that protect clients from hackers and secure the network held assets.