The increase in investments in exchanges like Pintu is the result of Indonesia’s growing interest in the cryptocurrency market.
Indonesia’s first native cryptocurrency exchange, Pintu, announced that it had raised $ 35 million in an extended funding round, two months after its Series A. The funds will help the exchange improve its market position by allowing Pintu to expand its team, undertake educational campaigns and enter into partnerships to provide products with advanced features.
The A + series was led by Lightspeed Venture Partners, a technology-focused investor with extensive 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 around, Pintu only raised $ 6 million in the Series A funding round held in May, raising the prospect of renewed interest in cryptocurrencies among retail investors in Indonesia. The growing popularity of digital currencies does not escape the government, since Indonesia is in the process of introducing a tax on income generated from cryptocurrency trading.
As the fourth most populous country in the world, Indonesia represents the untapped cryptocurrency markets in Southeast Asia and exchanges like Pintu are striving to showcase the benefits of cryptocurrencies and drive their adoption in the region.
« With only 1-2% of Indonesians exposed to cryptocurrencies, there is a huge opportunity for retail investors to access diversified and dynamic investment opportunities through Pintu’s unique cryptocurrency trading offerings “, said Jeth Soetoyo, co-founder and CEO of Pintu.
Regulatory hurdles have been one of the main issues faced by the Indonesian crypto industry over the years. Bappebti, or Indonesia’s Commodities Trading Regulatory Agency, recognized cryptocurrencies as a speculative asset only two years ago and paved the way for licensed platforms like Pintu to operate in the country.
Pintu currently offers more than 16 cryptocurrencies and plans to introduce more coins and non-fungible tokens (NFTs). The platform has seen significant growth in 2021, with its app downloads increasing by 3.5 x per organic growth and active traders on the platform increasing by 4x. The current round only strengthens Pintu’s influence in the Indonesian crypto market and enhances the platform’s potential to become one of the leading crypto brands in the region.