A relatively unknown crypto exchange in Indonesia has secured a major funding round with an eye on expanding services to its growing local market.
The $113 million Series B saw investment from venture capital firms Pantera Capital, Intudo Ventures and Lightspeed Venture Partners, among others. In addition, the round follows a Series A+ that earned the firm $35 million in August 2021 and a $6 million Series A in May.
Indonesia, the most populous country in Southeast Asia with 280 million, is a rapidly growing crypto market that has doubled from six to 12 million between February 2021 and 2022. This is almost twice the number of public equity investors in the country, according to Pintu Chief Marketing. Officer Timothy Martin.
Pintu, launched in April 2020, is a crypto exchange regulated and registered with the Indonesian Commodity Futures Trading Regulatory Agency (Bappety).
Aiming to be a top crypto exchange in Asia
The crypto exchange is planning an aggressive expansion of services that will align it with the services provided by Binance and Coinbase. According to TechCrunch, Pintu currently offers over 65 crypto assets, including a native PTU token, which can be offered in the Pintu Earn product with a yield of up to 15%.
Indonesia has only a 4% penetration of crypto asset ownership, but Pintu founder and CEO, Jeth Soetoyo, is confident that things are still at a very early stage:
“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 company plans to use the funds to grow its operations by adding more assets, more blockchain compatibility, more employees, and new products and services. It also plans to expand its Pintu Academy, which, like Binance, aims to educate investors on the industry and the associated risks to fuel growth in a sustainable manner.
Martin said the market is now more mature than it was last year and investors are starting to make decisions based on crypto asset use cases, before adding:
“For example, gaming is a big thing in Indonesia with over 100 million gamers in the country. This fuels a significant increase in gaming and crypto assets related to the metaverse, as many believe these projects to be the future of gaming. Contributing.”
Crypto adoption is on the rise in Asia
Pantera partner Paul VereditKit said that “crypto adoption is happening everywhere, and Indonesia has proven itself to be one of the world’s fastest growing markets for crypto assets.”
As reported by BeInCrypto, a nominal tax was imposed on crypto transactions in Indonesia in May.
According to recent research by Accenture, more than half of Asian affluent investors have some cryptocurrency in their portfolios. Indonesia and Thailand had the largest percentage of investors, it turned out.