Identification of Business Models of Cryptocurrency Companies in Indonesia (Study Case PT. Indonesia Digital Exchange and PT. Luno Indonesia)

Nowadays Cryptocurrency world is entering “Crypto Winter.” Crypto winter is a period of prolonged low prices pursuant to significant declines. Crypto Winter makes business development of Cryptocurrency companies enter VUCA (volatility, uncertainty, complexity, and ambiguity) where the impact is several Cryptocurrency companies in the world have gone bankrupt. Examples are FTX, Luna, Voyager Digital, Three Arrows Capital (3AC), etc. The bankruptcy of it should be prevented if it has the right strategy in making future company policies. For this reason, it is necessary to identify a business model so that it is more directed in running its business. This research seeks to identify business model of Cryptocurrency companies and identify the aspects that are the strengths of Cryptocurrency companies in Indonesia. The author uses qualitative method with case study in company PT Indonesia Digital Exchange and PT Luno Indonesia. The author will provide interview questions to company representatives to find out the business model of Cryptocurrency companies. From the research results, it is found that a cryptocurrency company business model using business model canvas consisting of nine key elements to map a business such as Key Partnership, Cost Structure, Key Resources, Key Activities, Customer Segment, Value Proposition, Customer Relationship, Revenue Streams, and Channels. The aspects of the business model that are the strength of this cryptocurrency company lie in Customer Relationship, Customer Segment, and Value Proposition. This research provides insights to map business and valuable information in the context of internal company improvement, also offering a foundation for future research.