Indonesian Crypto Exchange Pintu Raises $113 Million in Series B Funding

The crypto exchange is planning an aggressive expansion of services with the new capital infusion.

Indonesian Crypto Exchange Pintu Raises $113 Million in Series B Funding

Photo Credit: Unsplash/ Bisma Mahendra

Pintu will be aggressively recruiting for all functions to support its growth strategy

Highlights
  • The platform was launched back in 2020
  • Pintu intends to solidify its position within Indonesia over time
  • Indonesia is among the most populous country in Southeast Asia

Indonesian cryptocurrency exchange, Pintu has raised $113 million (roughly Rs. 878 crore) in its Series B funding round. Intudo Ventures, Pantera Capital, and Northstar Group all participated in the funding round with previous investor Lightspeed Venture Partners also participating in the round. With the new infusion of capital, the start-up says it plans to launch new features and products as it looks to continue its growth. The firm also plans to invest in the Pintu Academy educational programme to help investors improve their knowledge of crypto, better understand the risks of investing in crypto assets and carry out healthy and sustainable trading and investment practices.

Licensed by the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade, Pintu caters to Indonesian crypto investors dealing in popular cryptocurrencies, including Bitcoin and Ether.

Bappepti previously highlighted the doubling in the number of Indonesian crypto investors in 2021-2022, to which Jeth Soetoyo, Founder and CEO of Pintu, told TechCrunch, "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 was launched in April 2020 and is one of the top three Indonesian crypto exchanges, according to Soetoyo. The firm doesn't publicly disclose its trading volumes. Its local rivals include Indodax and Tokocrypto.

With fresh capital in hand, Pintu mention in an interview by The Block that the firm plans to keep growing in Indonesia, the world's fourth most populous nation, and offer access to new products and services such as decentralised finance (DeFi) and non-fungible tokens (NFTs). "We need to cement our position in the market. I think pretty much that's where our focus is going into," said Soetoyo.

To that end, Pintu also plans to double its current headcount of around 200 people in the next two years across various functions, said Soetoyo.


Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Cryptocurrency, Indonesia, NFT, Defi, Pintu
iOS 16 Lets You Lock Hidden, Recently Deleted Albums, Adds Haptic Feedback to iPhone Keyboard
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
© Copyright Red Pixels Ventures Limited 2022. All rights reserved.