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Indonesian crypto exchange Pintu scoops $113M from prominent Venture Capital firms
Indonesian cryptocurrency exchange platform Pintu has grabbed $113 million in a Series B funding round, seeing participation from several major names in the industry like Pantera Capital.
Pintu grabs $113M in a funding round
Big venture capital firms like Pantera Capital, Intudo Ventures, and Lightspeed Venture Partners invested in Pintu via the latest funding round. With the new funds flowing, the exchange aims to expand its services in its burgeoning local market.Being the region's biggest economy and part of the G20 group of the world's wealthiest nations, Indonesia sees booming participation in the crypto industry. According to the Chief Marketing Officer of Pintu, Timothius Martin, this massive crypto adoption in the country is the biggest reason for serious funding.
In Indonesia, crypto ownership is only 4%, but Pintu founder and CEO Jeth Soetoyo believes things are still in the early stages. He stated:
"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."Pintu will use the funds to expand the company operations by adding new assets, blockchain compatibility, users, and products and services. It also intends to expand its Pintu Academy, which, like Binance, attempts to educate investors about the business and its risks to foster long-term growth.
Aggressive expansion in Indonesia
Launched in April 2020, the crypto exchange platform currently offers over 65 crypto assets. The Indonesian crypto company seems serious about its aggressive service expansion strategy in the region that coincides with other crypto exchanges such as Binance and Coinbase. Moreover, Pintu has already scooped $35 million in a Series A+ funding round in August last year and $6 million in May 2022.Notably, Binance partnered with MDI Ventures in December to boost blockchain adoption in Indonesia. Binance is supplying asset management infrastructure and technology to support the development of the new exchange platform.
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