Indonesia-based cryptocurrency exchange Pintu announced the company had completed an extended Series A funding round by raising $35 million, led by Lightspeed Venture Partners, citing multiple sources.
The company plans to expand its scale by accelerating talent acquisition. With the latest $35 million capital, Pintu expects to create strategic partnerships, undertake educational marketing campaigns, and deliver new products and asset classes, such as Pintu Earn, that enable users to earn interest via various crypto assets.
Multiple venture funds also join the campaign, including Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital.
Jeth Soetoyo, co-founder and CEO of Pintu, said he would facilitate greater financial inclusion for Indonesians from all walks of life, with the support from the investors:
“As the fourth most populous country in the world and with only 1-2% of Indonesians exposed to cryptocurrencies, there is immense opportunity for retail investors to gain access to diverse and dynamic investment opportunities through Pintu’s unique cryptoasset commercial offerings.”
Pintu is a registered crypto exchange as a licensed cryptocurrency brokerage under the Indonesian Commodity Futures Trading Regulatory Agency, which allows the company to serve retail investors. Currently, the brokerage offers 16 cryptocurrencies, including NFT tokens.
This round financing extends from a $6 million Series A raised in May, led by Pantera, Intudo and Coinbase Ventures, according to online media TechCrunch. As of June 2021, more than 6.6 million crypto investors in Indonesia, roughly triple that of the country’s 2.2 million public equity investors, according to Pintu.
Indonesia is home to over 273.5 million population in this fourth-largest nation. The authority has been eyeing a plan to tax profits on crypto trading in response to increasing popularity.
Image source: pintu facebook page