In a Series B funding round, Indonesian cryptocurrency exchange Pintu has raised $113 million. The event saw investments from venture capital firms Intudo Ventures, Lightspeed Venture Partners, and Pantera Capital and investment advisory firm Northstar Group. In August of 2021, Pintu’s Series A extension round for $35 million was led by Lightspeed.
Pintu will to use the capital to develop new features, which include additional supported tokens and blockchains and products. Last year Pintu expanded itsteam to 200 continues hiring aggressively in its fight for top market share in Indonesia’s booming crypto market.
Jeth Soetoyo, Founder and CEO of PINTU, said:
“The crypto asset market in Indonesia has shown tremendous growth over the past year, we see this positive growth driven by several factors such as clearer regulations, as well as an increase in public knowledge of crypto assets.”
Soetoyo added:
“To make it easier for crypto users in Indonesia, we built Pintu for new crypto asset investors as well as experienced investors. We believe that the adoption of crypto assets in Indonesia is only in its early stages, and educating the public is of paramount importance to ensure this growth proceeds in a healthy way.”
Driving Crypto Adoption in Indonesia
Pintu launched in April 2020 and its beginner-friendly mobile app supports the purchase and sale of Bitcoin (BTC), Ether (ETH) and 50 other crypto assets. Its userbase has significantly grown from 1 million users in December to 5 million currently. The app also features Pintu Earn, offering up to 15% annual percentage yield (APY), and Pintu Staking for staking of the native Pintu token.
The exchange also offers an educational platform that teaches the basics of crypto investing, Pintu Academy.
Pantera partner Paul Veradittakit commented on his firm’s involvement:
“Crypto adoption is happening everywhere, and Indonesia has proven itself to be one of the world’s most rapidly growing markets for crypto assets. Crypto is a global asset class, and Pintu has become Indonesia’s premier portal to gain access to crypto and invest alongside global peers.”
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Source: Igaming
