MEXC Ventures Invests in Indonesian Exchange Triv

MEXC Ventures, the investment division of cryptocurrency exchange MEXC, has made an undisclosed investment in Triv, one of Indonesia's oldest yet lesser-known crypto exchanges, valuing it at $200 million under its Southeast Asia expansion strategy. Founded in 2015, Triv boasts over 3 million registered users and holds licenses for spot trading, staking, and futures. The platform claims to be fully regulated by Indonesia's Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI). Competing in a crowded market alongside licensed exchanges like Binance-owned Tokocrypto and Pantera-backed Pintu, Triv faces significant competition. Recently, the Hong Kong-based OSL Group also entered Indonesia, acquiring local exchange operator Evergreen Crest Holdings for $15 million. Although Triv has not previously revealed any institutional funding, it is unclear if the MEXC investment marks its first venture into raising external capital. MEXC has refrained from commenting on the investment amount or Triv's funding backgrounds. Leo Zhao, investment director at MEXC Ventures, emphasized Indonesia's growing digital asset market potential: "Triv has established a strong reputation for compliance, security, and user trust." Triv's founder and CEO Gabriel Rey noted that this partnership with MEXC will allow for an increase in coin offerings, improve liquidity, and enhance CryptoWave Media, the company’s local crypto media arm. This investment follows Indonesia's new crypto tax regulations effective August 1, which impose a 0.21% tax on domestic exchange transactions, effectively doubling the earlier rate of 0.1%. Foreign exchange users now face even higher taxes, with rates increasing from 0.2% to 1%. Although the value-added tax on crypto purchases has been removed, mining operations are subject to a higher VAT of 2.2% and will see income tax regulations adjust by 2026. Cryptocurrency trading is legal in Indonesia as an investment asset, but it cannot be used for payments. In the past year, the total value of crypto transactions in the country tripled, surpassing 650 trillion rupiah (approximately $40 billion), with local exchange users exceeding 20 million, exceeding the number of stock market investors in the country.