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Tokocrypto, BRI Ventures launch accelerator for blockchain start-ups
The program is aimed at training start-ups in fundraising, blockchain development, tokenomics and more.
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ryptocurrency exchange platform Tokocrypto and BRI Ventures announced on Thursday the launch of a start-up accelerator program for blockchain-based start-ups, the first of its kind in Indonesia.
The Tokocrypto Sembrani Blockchain Accelerator (TSBA) is aimed at training up to 10 start-ups in fundraising strategy, blockchain development, listing, tokenomics and more.
“We believe that, in the next five to 10 years, blockchain will become mainstream,” said BRI Ventures investment vice president Markus Rahardja during a press conference on Thursday.
“We see a lot of interesting projects that use blockchain technology, but they still face fundraising challenges. So, this is the part that we will be focusing on in the program.”
He went on to say that the program would be seeking start-ups using blockchain technology such as nonfungible tokens (NFT) and play-to-earn (gamefi) projects. To be eligible, start-ups need to have a working product, have received previous funding or booked revenue.
Read also: Crypto exchanges seek new horizons in NFTs, lending
BRI Ventures, the venture capital arm of state-owned Bank Rakyat Indonesia (BRI), is known for its focus on fintech start-ups, but it has been expanding its portfolio to non-fintech start-ups through its Sembrani Fund.
“We can experiment to seek out new life and be quicker in recognizing the next growth sector,” he told the media on Thursday.
Another state-backed venture, capital MDI Ventures, has also tapped into the cryptocurrency craze, having announced a joint venture with Binance, the world's largest crypto exchange, to develop a digital asset exchange in Indonesia.
Read also: Binance, MDI Ventures to develop local crypto exchange
Start-ups in the TSBA program are to receive mentorship and education from prominent figures from BRI Ventures, Tokocrypto, UOB Ventures, crypto investor Binance Labs and blockchain supporting builders Solana Labs, among others.
“We are optimistic that five or even 10 times [the eventually admitted number of] start-ups will sign up for the TSBA program,” said TokoLaunchpad head Tigran Tigran Adiwirya, signaling that 50 to 100 start-ups would register.
TokoLaunchpad is Tokocrypto’s incubator program and encompasses several programs, such as gamefi firm Play it Forward DAO and Avarik Saga, as well as investment start-up Nanovest.
“Investment in selected start-ups is always an option from both sides,” Tigran said. However, neither Tokocrypto nor BRI Ventures have committed to a specific amount of money for TSBA graduates.
He went on to say that the program would help start-ups prepare their due diligence to start raising funds from venture capital firms or other institutional investors.
