Indonesian cryptocurrency exchange and wallet Pintu raised $110 million to develop platform existing offerings and support blockchain
cryptocurrency exchange and wallet Pintu announced that it has raised $110
million in a Series B funding round to develop the platform’s existing offerings, including
introducing new features and support for blockchains.
The participants going for investments in the rounds includes four prominent venture capital firms Lightspeed, Pantera Capital, investment advisory firm Northstar Group, and Intudo Ventures. According to Pintu, newly raised funds will be used in building out new features, developing its product offerings, providing additional support to tokens and blockchains, and also expand of an educational program for crypto traders Pintu Academy. It aims to spread awareness about the opportunities and risks of crypto investing. The company further plans to add more tokens and launch new products. This will help to strengthen its position in Indonesia.
Pintu is Licensed by the Commodity Futures Trading Regulatory Agency, or Bappebti, under the Ministry of Trade. Indonesian crypto asset platform Pintu caters to Indonesian crypto investors dealing in popular cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). In an interview Eddy Chan, Founding Partner at Intudo confirmed that Pintu app has exchange features, a crypto wallet, and staking platform, and its own token
About exchange platform Pintu :
In April 2020 the beginner-friendly Pintu mobile app was launched. Since its founding, Pintu has launched numerous features on its mobile app that allow users to earn crypto and stake it. The platform will support the purchase and sale of cryptocurrencies including bitcoin (BTC), Ether (ETH), and 50 other cryptocurrencies. The app consists of a number of payment integrations to make it easier for users to deposit and withdraw funds including features like Pintu Earn offering up to 15% yield and Pintu Staking for staking of the native Pintu token. In just two years since its launch, Pintu app has got from zero to four million downloads. In August Lightspeed led Pintu’s $35 million Series A extension.
Last year the exchange doubled the size of its team to 200 and plans to continue with its aggressive hiring plans to help address the booming crypto market in Indonesia.
About Indonesia’s crypto market :
In a statement, Pintu founder and CEO Jeth Soetoyo said that over the past year remarkable growth has been seen in Indonesia’s crypto market. This growth is due to regulatory encouragement and increased awareness among ordinary people. Indonesian crypto investors in 2022 have doubled from 2021 with 4% of the country’s population having invested in crypto. Soetoyo, said: “We believe that crypto adoption in Indonesia is only in its beginning stages, and educating users on the fundamentals is critical to ensuring this growth continues in a healthy way.”
Celebrities' involvement with cryptocurrency appears to have fueled Indonesian investors' adoption. The Indonesian celebrity crypto scene saw a number of the nonfungible token (NFT) launches, along with the participation of stars such as Joe Taslim, Jessica Iskandar, and Shandy Aulia.
CBW - External Analyst