A relatively unknown Indonesian crypto exchange has raised a significant amount of money in order to expand its services to the country’s developing crypto sector.
Pantera Capital, Intudo Ventures, and Lightspeed Venture Partners were among the venture capital companies that contributed to the $113 million Series B round. Furthermore, the investment comes after a $35 million Series A+ in August 2021 and a $6 million Series A in May.
With a population of 280 million people, Indonesia is Southeast Asia’s most populous country, with a thriving crypto sector that has grown from six to twelve million users between February 2021 and February 2022. According to Pintu Chief Marketing Officer Timothius Martin, there are about twice as many public equity investors in the country.
Pintu is a cryptocurrency exchange that was founded in April 2020 and is authorized and recognized by the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti).
Pintu now has over 65 crypto assets available, including a native PTU token that may be staked into a Pintu Earn product for up to 15% returns.
Although just 4% of Indonesians possess crypto assets, it’s founder and CEO Jeth Soetoyo is optimistic that things are still in the early stages:
“We think that crypto acceptance in Indonesia is only getting started and that educating people on the basics is vital to ensure that this development is sustainable.“
The funds will be used to expand the company’s operations by adding additional assets, blockchain compatibility, people, and goods and services. It also intends to develop its Pintu Academy, which, like Binance, attempts to educate investors about the business and its dangers in order to foster long-term growth.
Martin remarked that the industry is more mature now than it was last year and that investors are beginning to base their judgments on the use-cases of crypto assets, before adding:
For example, with over 100 million players in the country, gaming is a major deal in Indonesia. As a result, gaming and metaverse-related crypto assets have seen substantial growth, as many people feel that these initiatives will help shape the future of gaming.
Also Read: Indian crypto exchange CoinSwitch Kuber turns into Unicorn after $260M Funding Round
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