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

Indonesian crypto exchange Pintu has raised $113 million (approximately Rs 878) in a Series B funding round. Intudo Ventures, Pantera Capital and Northstar Group have all participated in a previous investor round. Lightspeed Venture Partners also participated in the round. With the new funding, the startup says it plans to roll out new features and products to continue its growth. The company also plans to invest in Pintu Academy’s educational program to help investors improve their crypto knowledge, better understand the risks of investing in crypto assets and implement healthy and sustainable investment and transaction methods.

Licensed by the Commodity Futures Trading Authority (Bappebti) under the Ministry of Commerce, Pintu caters to Indonesian crypto investors trading popular cryptocurrencies, including Bitcoin and Ether.

Bappepti previously highlighted a doubling of the number of Indonesian crypto investors by 2021-2022, among which Jeth Soetoyo, Founder and CEO of Pintu, told TechCrunch, “We believe that the use of cryptocurrency in southern Ocean It’s still in its early 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 cryptocurrency exchanges, according to Soetoyo. The company does not publicly disclose its trading volume. Its local rivals include Indodax and Tokocrypto.

With new capital in hand, Pintu mentions an interview by The Block that the company plans to continue growing in Indonesia, the world’s fourth most populous country, and providing access to new products and services such as Decentralized Finance (DeFi) and non-fungible token (NFT). “We need to strengthen our position in the market,” said Soetoyo. I think that’s where we focus.

To that end, Pintu also plans to double its current staff to about 200 in the next two years across various functions, Soetoyo said.

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