Indonesian crypto asset platform Pintu has announced the closure of a $113 million Series B funding round, which was attended by four major investors Pantera Capital, Intudo Ventures, Lightspeed and Northstar Group.
Licensed by the Commodity Futures Trading Regulatory Agency (BappeBati) under the Ministry of Trade, Pintu caters to Indonesian crypto investors dealing in popular cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).
Bappety previously highlighted the doubling in the number of Indonesian crypto investors in 2021-2022, with Pintu founder and CEO Jeth Soetoyo saying:
“We believe that crypto adoption in Indonesia is only in its early stages, and educating users on the fundamentals is vital to ensure that this growth continues in a healthy manner.”
The latest $113 million fund injection will be redirected towards scaling up the platform’s existing offerings, such as introducing new features and support for blockchain. The company also plans to add more tokens and launch new products to further strengthen its position in Indonesia.
In just two years since its inception, Pintu has launched several features on its mobile application that allow users to earn and bet their crypto holdings. In addition, a portion of the Series B funding will be dedicated to Pintu Academy, an educational program for crypto traders that aims to spread awareness of the opportunities and risks of crypto investing.
related: Celebrity Tokens: Signs of Growing Crypto Adoption in Indonesia
A recent Cointelegraph analysis of 3 April reported that crypto investments in Indonesia saw a significant increase between 2020-2022, with 4% of the country’s population investing in crypto.
However, celebrity involvement in crypto fueled an adoption spree among Indonesian investors. In addition to the participation of popular stars such as Joe Taslim, Jessica Iskander and Shandy Auliya, several non-fungible tokens (NFTs) have been launched in the Indonesian celebrity crypto scene.