The increasing investments in exchanges like Pintu are the result of Indonesia’s booming interest in the crypto market
Indonesia’s first domestic cryptocurrency exchange, Pintu, has announced that it has raised $ 35 million in an expanded financing round two months after its Series A partnerships to deliver products with advanced features.
Series A + was led by Lightspeed Venture Partners, a technology-driven investor with broad exposure to blockchain, fintech and data analytics with contributions from Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital and others.
Compared to the $ 35 million raised this time, Pintu raised just $ 6 million in the Series A funding round in May, suggesting a surge in crypto interest among retail investors in Indonesia. The government is not losing the growing popularity of digital currencies as Indonesia is currently imposing a tax on the profits made by trading cryptocurrencies.
As the world’s fourth largest country by population, Indonesia represents the untapped markets of crypto in Southeast Asia, and exchanges like Pintu are working to introduce the benefits of cryptocurrencies and drive adoption in the region.
“Since only 1-2% of Indonesians have exposure to cryptocurrencies, there is an immense opportunity for private investors to gain access to diversified and dynamic investment opportunities through Pintu’s unique trading offers for crypto assets“Said Jeth Soetoyo, Co-Founder and CEO of Pintu.
Regulatory barriers have been one of the main problems facing the Indonesian crypto industry over the years. Bappebti, or Indonesia’s commodity futures trading regulator, recognized cryptocurrency as a speculative asset only two years ago, paving the way for licensed platforms like Pintu to operate in the country.
Pintu currently offers over 16 cryptocurrencies and plans to introduce more coins and non-fungible tokens (NFTs). The platform grew significantly in 2021, with app downloads increasing 3.5 times through organic growth and active merchants on the platform increasing 4 times. The current round of funding only strengthens Pintu’s influence in the Indonesian crypto market and increases the platform’s potential to become one of the leading crypto brands in the region.