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Indonesian Exchange Pintu Raises $113M to Meet Country's Crypto Boom
The exchange previously raised $35 million in a Series A extension last August.
By Brandy Betz
Updated May 11, 2023, 4:16 p.m. Published Jun 7, 2022, 2:00 a.m.
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Indonesian cryptocurrency exchange Pintu has raised $113 million in a Series B funding round with investments from venture capital firms Intudo Ventures, Lightspeed Venture Partners, and Pantera Capital and investment advisory firm Northstar Group, according to a press release provided to CoinDesk. Lightspeed led Pintu’s $35 million Series A extension in August.
Pintu plans to use the capital to build out new features, including additional supported tokens and blockchains and products. The exchange doubled the size of its team to 200 last year and plans to continue with its aggressive hiring plans to help address the booming crypto market in Indonesia.
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“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 CoinDesk in an email.
“Despite the rapid growth, however, the Indonesian market is still relatively new to crypto," he continued. "This makes education about crypto investment a key pillar to support the growth of the market."
Launched in April 2020, the beginner-friendly Pintu mobile app supports the purchase and sale of bitcoin , ether and 50 other cryptocurrencies. The app has a number of payment integrations to make it easier for users to deposit and withdraw funds. Features include Pintu Earn – offering up to 15% annual percentage yield (APY) – and Pintu Staking for staking of the native Pintu token.
The exchange also offers Pintu Academy, an educational platform that teaches beginning crypto traders how to invest while managing risks.
Pintu's total user base has more than doubled in the last six months, says Martin, from 2 million in December to almost 5 million in May.
Pintu is registered and licensed by the Bappebti regulatory agency and works closely with the government to abide by 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.”
Read more: Indonesia to Charge 0.1% Tax on Crypto Transactions, Investments
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