MEXC Ventures, the investment arm of crypto exchange MEXC, has invested an undisclosed sum in Triv, one of Indonesia’s oldest but lesser-known crypto exchanges, at a $200 million valuation as part of its Southeast Asia expansion strategy.
Founded in 2015, Triv claims over 3 million registered users and holds licenses for spot trading, staking, and futures. The platform says it is “fully supervised” by both Indonesia’s Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
Triv operates in a competitive market alongside other licensed players such as Binance-owned Tokocrypto, Pantera-backed Pintu, and Indodax. In June, Hong Kong-based OSL Group also entered the Indonesian market through a $15 million acquisition of local exchange operator Evergreen Crest Holdings.
Triv has not previously disclosed any institutional funding, and it remains unclear whether the MEXC deal marks its first external capital raise. MEXC declined to comment to The Block on the investment amount or Triv’s funding history.
“Indonesia is one of the most dynamic and promising digital asset markets in the [Southeast Asia] region,” Leo Zhao, investment director at MEXC Ventures, said in a statement. “Triv has earned a strong reputation for compliance, security, and user trust.”
Triv founder and CEO Gabriel Rey said the MEXC partnership would help expand coin offerings, enhance liquidity, and support CryptoWave Media, Triv’s local crypto media arm.
The investment comes just days after Indonesia implemented new crypto tax rules on August 1. Under the new framework, crypto sellers using domestic crypto exchanges face a 0.21% tax on transaction values, doubling the previous rate of 0.1%. Foreign exchange users encounter even higher costs, with seller taxes jumping from 0.2% to 1% — a fivefold increase. Value-added tax or VAT on crypto purchases has been eliminated, but mining operations are now subject to a higher 2.2% VAT. A special 0.1% income tax on mining will be phased out by 2026, subjecting mining income to standard personal or corporate tax rates instead.
In Indonesia, cryptocurrencies are legal to trade as investment assets but cannot be used for payments. Last year, the total value of crypto transactions in Indonesia tripled to more than 650 trillion rupiah (around $40 billion). The number of users on local crypto exchanges surpassed 20 million — exceeding the total number of investors in the country’s stock market.
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