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Indonesian Crypto Exchange Pintu Secured $35M Via Fundraising to Expand Operations

By Emily Rys | August 10, 2021
thecryptosight-indonesia-to-reshape-logistic-sector-with-new-multi-million-blockchain-project
Indonesia to Reshape Logistic Sector With New Multi-Million Blockchain Project

Pintu – the pioneering mobile native crypto and trading platform across Indonesia – has successfully secured $35 million from the top-tier entities in the blockchain venture funds sector. 

Specifically, The Series A – which was led by Lightspeed Venture Partners, a tech-centric investor with high blockchain, fintech and data analytics exposure – has reportedly set the firm on the correct path, regarding the expansion of its team and product services, in the foreseeable future. 

The funding round reportedly witnessed participation from a variety of major venture funds, nominally Alameda Ventures, Blockchain.com, Pantera Capital, Coinbase Ventures, Castle Island Ventures and Intudo Ventures.

Following the acquisition of the fund, Pintu is reportedly looking to channel it towards recruiting extra manpower, making new product services available, as well as driving crypto adoption throughout the nation. 

Jeth Soetoyo, co-founder and current Head of Pintu, reportedly revealed that his platform will assist the local citizens in pushing through the “barriers [to] financial inclusion”. 

“As the fourth-most populous country in the world and with only 1-2% of Indonesians having exposure to cryptocurrencies, there is an immense opportunity for retail investors to gain access to diversified and dynamic investment opportunities through Pintu’s unique crypto-asset trade offerings.” He additionally remarked. 

The crypto scene in Indonesia is reportedly still just coming into existence, with additional firms navigating a regulatory framework of high complexity nature, dedicated to virtual asset selling and purchasing.

The nation’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) reportedly granted the go-ahead to crypto in February two years ago, granting it the status of a speculative commodity.

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