Indonesia crypto assets platform Pintu raises US$113mil in Series B
By Digital News Asia June 8, 2022
- Funds used to roll out new features, products, additional tokens
- Intudo Ventures, Lightspeed, Northstar, Panteral Capital in this round
Pintu, Indonesia’s crypto wallet and trading platform, announced the closing of a US$113 million (RM497 million) Series B round of financing from Intudo Ventures, Lightspeed, Northstar Group, and Pantera Capital.
In a statement, the company said this recent round of financing will enable it to solidify its position as the leading crypto assets platform in Indonesia and allow the company to roll out new features, including additional tokens, supported blockchains, and other new products.
Launched in April 2020, Pintu is Indonesia’s homegrown crypto assets platform, dedicated to making investing in crypto assets such as bitcoin, ethereum, and 50 other popular cryptocurrencies more accessible for everyone.
Specifically designed with first-time and novice users in mind, Pintu’s mobile application introduces investors to crypto assets through its intuitive user experience, easy-to-use trading features, advanced security features, and accessible educational content.
With its suite of features and emphasis on community engagement, Pintu claimed that it enables traders to make more informed decisions on trades and therefore, better manage risk against market volatility and other speculative movements.
It said since its launch, over four million users have installed the app, up from 500,000 installations in May 2021—making it Indonesia’s most downloaded crypto-focused trading app, according to data.ai figures.
This growth has been fueled by the Pintu community, which now boasts of over 790,000 active members across Telegram, Discord, Instagram, and TikTok, the company claimed.
According to the Indonesian Commodity Futures Trading Regulatory Agency, over the past year, the number of crypto investors in Indonesia has doubled to more than 12 million traders, compared with 7 million domestic public equity investors.
The agency said that Indonesia’s crypto market has significant room for growth, as crypto asset ownership has only reached a 4% penetration rate in relation to the country’s vast population.
Jeth Soetoyo, founder and CEO of Pintu, said Indonesia’s crypto market has demonstrated remarkable growth over the past year, fueled by regulatory encouragement and increased grassroots awareness.
“As a seamless on-ramp for Indonesian crypto users, we have built Pintu for those who are new to crypto and even experienced investors in mind. 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,” he said.
Soetoyo said Pintu will continue building on this momentum by offering even more new app features and entering into new strategic initiatives to bring crypto to more Indonesians.
“We are always pushing the boundaries to offer the best experience and meet our users’ evolving needs and appreciate the continued support of our investors in helping Pintu achieve our vision,” he said.
Hemant Mohapatra, partner at Lightspeed said since the company’s investment in August last year, Pintu has scaled by five times to become the country's leading retail focused crypto brokerage, and has hired one of the strongest teams in this market.
Patrick Yip, founding partner, Intudo Ventures said, like many global markets, Indonesia has experienced significant grassroots demand for crypto trading.
Pintu is registered and licensed by Bappepti, serving Indonesian retail traders under the regulatory framework of the Indonesian government. The company said it is working closely with Indonesian government entities to educate users on how to safely invest in crypto assets through joint-workshops, webinars, and social media activities.
Related Stories :