The Number of Startups Closing Services in RI Increases, Now Trafi and Blocknom
Public transportation navigation app Trafi and crypto asset earning platform Blocknom will shut down services in Indonesia next month. Previously, there were several startups that also closed their services, including Hooq and Beres.id.
Trafi announced plans to close services in Indonesia through its official website. “The Trafi application for your city will be closed. This decision makes us very sad,” the company said, quoted Thursday (23/6).
The company closed the public transportation navigation service in Indonesia, because it could not survive by continuing to provide free applications.
Trafi is likely to come back with a new product. “We hope to be back soon with a new, updated product,” he said.
The company recommends that users use Google Maps or Apple Maps to get transportation navigation. Trafi was founded in 2012 in Lithuania, Eastern Europe. In Indonesia, Trafi partners with Jakarta Smart City and TransJakarta.
Trafi provides a service by telling what public transportation to use if you want to travel somewhere. This application provides information for various modes of transportation such as TransJakarta, KRL, to Jak Lingko public transportation.
Blocknom Closes Service From 1 July 2022
Apart from Trafi, Blocknom shut down its services. “Starting July 1, we will temporarily stop the service to comply and obtain licenses,” he said on Blocknom’s official website. The company also asked its users to immediately withdraw their assets before July 31.
“We will come back stronger with more services when we get the license,” he said. The platform operates across Southeast Asia using StraitsX’s partner licensing method. Blocknom also applied for a permit to operate in Indonesia to the Commodity Futures Trading Supervisory Agency (CoFTRA).
Blocknom offers yields on stablecoin-based crypto assets such as USDT (Tether), USDC (Circle), or XIDR (StraitsX). Previously, a startup service provider for household appliances repair from Malaysia, Koadim, closed its services in Indonesia.
The Koadim operates in the country as an entity called Beres.id. In addition to Indonesia, Koadim closed services in Singapore called Kaodim.sg and the Philippines Gawin.ph.
“It is with a heavy heart that we announce that starting July 1, Beres.id and all affiliated platforms will no longer operate,” said Koadim Co-Founder and CEO Choong Fui Yu, quoted from the official website, Wednesday (8/6).
Just Got Funding
For information, Blocknom was only initiated in January 2022 by former Gojek & Shopee employee Fransiskus Raymond and former engineer Ritasi Ghuniyu Fattah Rozaq. Blocknom is known to be one of the incubation startups in the Y Combinator batch Winter 2022.
Blocknom also recently obtained seed funding of $500,000 or more than IDR 7 billion from three investors, namely Y Combinator, Number Capital, and Magic Fund last March.
To add value to its platform, Blocknom offers deposit yields on stablecoin-based crypto assets, namely USDT (Tether), USDC (Circle), and XIDR (StraitsX).
In addition, Blocknom implements transparency in the process of managing funds and has a proof of community system in the DeFi selection process for managing investor funds, and an unlimited incentives program for its community.
Other Startups That Closed This Year
Then, a startup that provides basic needs platform, Brambang, has closed its groceries service since the end of May (27/5). This start-up is turning to electronic products.
“We inform you that Brambang’s groceries service will stop on Friday (27/5) at 19.00 WIB,” said Brambang through his Instagram account @brambangdotcom, last month (26/5).
Brambang will turn into a smartphone and electronics marketplace. The company also created a new Instagram account, namely @brambangelektronik. Unicorn from India Mobile Premier League (MPL) also laid off 10% of its total employees or around 100 people.
This e-sports startup is also preparing to leave the Indonesian market. Other startups such as Sorabel, Eatsy, Stoqo, Hooq, and Airy Rooms have also closed their services.
In addition, the video on demand (VoD) company iFlix is experiencing financial difficulties amid the Covid-19 pandemic.