- Funds used to deploy new features, products, additional tokens
- Intudo Ventures, Lightspeed, Northstar, Panteral Capital in this round
Pintu, the Indonesian crypto wallet and trading platform, has announced the closing of a US$113 million (RM497 million) Series B funding round from Intudo Ventures, Lightspeed, Northstar Group and Pantera Capital.
In a statement, the company said this recent round of funding will allow it to solidify its position as the leading crypto asset platform in Indonesia and roll out new features including additional tokens, supported blockchains and other new products.
Launched in April 2020, Pintu is Indonesia’s crypto asset platform, dedicated to making investing in crypto assets such as bitcoin, ethereum and 50 other popular cryptocurrencies more accessible to everyone.
Specifically designed for beginners and novice users, Pintu’s mobile app 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.
He said that since its launch, more than four million users have installed the app, up from 500,000 installs in May 2021, making it the most downloaded crypto-focused trading app in Indonesia, according to data.ai figures.
This growth has been fueled by the Pintu community, which now has more than 790,000 active members on Telegram, Discord, Instagram and TikTok, the company said.
According to the Indonesian Commodity Futures Trading Regulatory Agency, in the past year the number of crypto investors in Indonesia has doubled to over 12 million traders from 7 million investors. nationals in public actions.
The agency said that the Indonesian crypto market has significant room for growth, as the ownership of crypto assets has only reached a penetration rate of 4% against the vast population of the country.
Jeth Soetoyo, Founder and CEO of Pintu, said the Indonesian crypto market has seen remarkable growth over the past year, fueled by regulatory encouragement and increased grassroots awareness.
“As a seamless on-ramp for Indonesian crypto users, we built Pintu for those new to crypto and even experienced investors. We believe that crypto adoption in Indonesia is still in its infancy, and educating users on the fundamentals is key to ensuring this growth continues in a healthy way,” he said.
Soetoyo said Pintu will continue to build on this momentum by offering even more new app features and launching new strategic initiatives to bring crypto to more Indonesians.
“We are always pushing the boundaries to deliver the best experience and meet the changing needs of our users and appreciate the continued support of our investors to help Pintu achieve our vision,” he said.
Lightspeed partner Hemant Mohapatra said that since the company’s investment in August last year, Pintu has grown fivefold to become the country’s first retail-focused crypto brokerage, and has hired one of the strongest teams in this market.
Patrick Yip, founding partner of Intudo Ventures, said that like many global markets, Indonesia has seen significant grassroots demand for crypto trading.
Pintu is registered and authorized by Bappepti, serving Indonesian retailers 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 network activities. social.