With the Bitcoin crash of 2018, NuMoney was at the crossroads. Do we persist with the vision of building the largest cryptocurrency exchange for Southeast Asia, or do we move on? These were decisions I had to make as the CEO of NuMoney.
Putra is the CEO of NuMoney Indonesia, and for a year he had patiently awaited the Singapore team to deliver on our promise – to ship the cryptocurrency exchange. We did, then the crash happened; then brutal cryptocurrency regulations were introduced in every region that we were operating in. It did not help that the NuMoney team decided that as cool as cryptocurrencies were – it will never go mainstream because like everything that involves the transfer of money without the blessing of the regulators.
Then there was this fateful day early 2019 for which Putra and I met for lunch near the office. He was in Singapore for a reason I cannot recall, but lunch we had, I remember sharing that the fundamental problem with NuMoney was that the business was built around speculation (of cryptocurrencies). I never sought out to build a "casino." I wanted to work with things that have stood the test of time, and will continue to. What if we can trade something that has real value?
Putra took what I said seriously and spent the next month or two agonizing over what I said and followed it up with meetings with property developers and OJK (the monetary authority of Indonesia) for an equity crowdfunding license, amongst many others.
As of June 2019, we have sold two property on LandX, and we are on track to hit a million dollar revenue in the next few weeks.
LandX is a fractional property ownership platform for Indonesian properties. This business ought to be helmed by an Indonesian-native. NuMoney is now LandX, and Putra is the CEO of LandX, and I will continue doing what I do best – product.