Pintu Raises $113M in Series B to Meet Indonesia’s Crypto Boom
- Indonesia-licensed crypto asset platform Pintu raises $113 million in Series B.
- Pintu plans to spend the money on new features such as more supported coins and blockchains.
- The appeal of cryptocurrencies has been fueled by the involvement of celebrities in cryptocurrency.
Pintu is an Indonesian-registered cryptocurrency asset platform that recently completed the series B financing, raising $113 million.
Most of the Indonesian crypto investors who trade in popular cryptocurrencies like (BTC) and (ETH) use Pintu thus contributing to the Series B funding by the platform.
Notably, Pintu raised $36 million in venture capital from Intudo Ventures, Lightspeed Venture Partners, Pantera Capital as well as investment advisory firm Northstar Group. According to prior news, Lightspeed led Pintu’s $35 million Series A extension in August.
According to reports, Pintu intends to utilize the money to develop new features, such as more supported coins and blockchains, as well as products. Last year, the exchange increased its staff size to 200 and plans to continue with its aggressive hiring initiatives in order to meet the increasing demand for cryptocurrencies in Indonesia.
Pintu has seen significant growth since its launch in 2018. The platform now has over 200,000 users with its token having an all-time high of $2.3726 in November 2021.
Pintu CEO and co-founder Jeth Soetoyo states:
We believe that cryptocurrency adoption in Indonesia is still in its infancy and educating users on the basics is essential for this growth to continue in a healthy way.
According to coingecko data, cryptocurrency investments in Indonesia have increased dramatically over the last four years, with 4% of the population now invested in cryptocurrencies.
It is believed that celebrity involvement in cryptocurrency may have motivated the enthusiasm among Indonesian investors. The celebrity crypto scene in Indonesia has seen a lot of NFT launches, thanks to the involvement of Shandy Aulia and Jessica Iskandar.