Pintu, a popular Indonesian crypto exchange, has closed a $113 million (£90m) Series B round of funding as the country’s crypto market experiences a boom in popularity.
The round, which leads on from a $35 million Series A last August, saw investment from prominent firms such as Pantera Capital, Intudo Ventures, Lightspeed, and Northstar Group.
Pintu is licensed by Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade, allowing It to provide a range of crypto offerings to investors in line with the government’s legal framework.
Bappebti has previously highlighted that the number of Indonesian crypto investors doubled in 2021 from six million to twelve million, to which the founder and CEO of Pintu, Jeth Soetoyo, responded:
“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.”
The company will use the capital to develop new features for its beginner-friendly mobile app as well as add more tokens and products to solidify its position in the Indonesian market.
In 2021 the company doubled its size to 200, and it plans to continue with this aggressive hiring strategy to facilitate further growth too.
Having only been launched two years ago, Pintu has already launched a number of features that allow users to do more with their crypto holdings. From payment integrations to features like Pintu Earn – which offers up to 15% annual percentage yield (APY) – the app holds plenty of enticing offers.
It even has Pintu Academy, an educational platform that teaches beginner traders how to manage risk when investing. A portion of the Series B funding will go towards expanding this feature.
Pantera partner Paul Veradittakit said: “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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The post Pintu bags $113m Series B to meet Indonesian crypto demand appeared first on The Block.
