Pintu Indonesian Exchange Raises $113M for Country’s Crypto Boom
According to CoinDesk, Pintu, an Indonesian cryptocurrency exchange, has raised $113 Million in a Series A funding round. Investors included Intudo Ventures and Lightspeed Venture Partners as well as Pantera Capital, Northstar Group and investment advisory firm Northstar Group. Lightspeed led Pintu’s $35 million Series A extension in August.
Pintu intends to use the capital for new features such as additional supported tokens, blockchains, and products. Pintu doubled its team size to 200 last year, and will continue its aggressive hiring plans in order to address the growing crypto market in Indonesia.
“The numbers of crypto investors in Indonesia have doubled from 6 million in the beginning of 2021 to over 12 million in February 2022 — which is about [twice] the number of public equity investors in the country,” Pintu Chief Marketing Officer Timothius Martin told.
“Despite the rapid growth, however, the Indonesian market is still relatively new to crypto,” he continued. This makes education about crypto investing a crucial pillar for the market’s growth.
Pintu, a mobile app for beginners that supports bitcoin (BTC), Ethereum (ETH), and 50 other cryptocurrencies was launched in April 2020. It offers several payment integrations that make it easier to withdraw and deposit funds. Features include Pintu Earn — offering up to 15% annual percentage yield (APY) — and Pintu Staking for staking of the native Pintu token.
Pintu Academy is an educational platform that helps beginning crypto traders manage risks and invest.
Martin says that Pintu has seen a more than two-fold increase in its total user base in six months. It went from 2 million users in December to nearly 5 million in May.
Pintu has been registered and licensed by the Bappebti regulator agency. Pintu works closely with government officials to adhere to its legal framework.
“Crypto adoption is happening everywhere, and Indonesia has proven itself to be one of the world’s most rapidly growing markets for crypto assets,” Pantera partner Paul Veradittakit said in the press release. ”Crypto is a global asset class, and Pintu has become Indonesia’s premier portal to gain access to crypto and invest alongside global peers.”