Indonesian crypto asset platform Pintu has announced the closing of a $113 million Series B funding round involving four prominent investors: Pantera Capital, Intudo Ventures, Lightspeed, and Northstar Group.
Licensed by the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Commerce, Pintu caters to Indonesian crypto investors trading popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Bappepti previously highlighted the doubling of the number of Indonesian crypto investors in 2021-2022, to which Jeth Soetoyo, founder and CEO of Pintu, said:
“We believe that cryptocurrency adoption in Indonesia is only in its early stages, and educating users on the fundamentals is crucial to ensuring this growth continues in a healthy manner.”
The latest funding infusion of $113 million will be redirected to scaling the platform’s existing offerings, such as introducing new features and supporting blockchain. The company is also planning to add more tokens and launch new products to further consolidate its position in Indonesia.
In just two years since its inception, Pintu launched numerous features on its mobile app that allow users to earn and stake their cryptocurrency holdings. Additionally, a portion of the Series B funding will be dedicated to Pintu Academy, an educational program for cryptocurrency traders that aims to spread the opportunities and risks of cryptocurrency investment.
A recent analysis by Cointelegraph on April 3 noted that cryptocurrency investments in Indonesia saw considerable growth between 2020-2022, with 4% of the country’s population having invested in cryptocurrencies.
However, the involvement of celebrities in the crypto sector apparently fueled the wave of adoption among Indonesian investors. In addition to the participation of popular stars like Joe Taslim, Jessica Iskandar and Shandy Aulia, the Indonesian celebrity crypto scene witnessed numerous non-fungible token (NFT) launches.
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