JAKARTA – The Pintu crypto exchange has successfully raised 35 million US dollars (equivalent to Rp503.7 billion) in funding. The funding comes from a number of the largest blockchain ventures in the Series A round. This injection is aimed at expanding the development and offering of Pintu's product.
According to a Cointelegraph report, the funding comes from Lightsped Venture Partners, a company focused on blockchain-based technology, fintech, and data analytics. A number of high-profile ventures also participated in the funding, such as Blockchain.com, Alameda Ventures, Coinbase Ventures, Pantera Capital, Intudo Ventures, and Castle Island Ventures.
In addition, Pintu also plans to recruit additional employees, release new product offerings and encourage cryptocurrency adoption in Indonesia. Pintu's CEO, Jeth Soetoyo explained that his platform seeks to help Indonesians "overcome the problem of financial inclusion."
"As the fourth most populous country in the world and with only 1-2% of Indonesia's population having exposure to cryptocurrencies, there is a great opportunity for retail investors to gain access to diverse and dynamic investment opportunities through Pintu's unique crypto asset trading offering," added Soetoyo as quoted from Cointelegraph.
In Indonesia itself, the crypto industry is still in its early stages and in the future it is predicted that more crypto exchanges will emerge. The government through BAPPEBTI has approved the trading of crypto assets and included them in speculative commodities. On the other hand, Indonesia's central bank BI still insists on banning the use of crypto assets as a medium of exchange.
Based on data on its platform, until now Pintu has only sold 17 cryptocurrencies which include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB, Compound (COMP), Chainlink (LINK), Synthetix ( SNX), Yearn.Finance (YFI), Uniswap (UNI), Maker (MKR), AAVE, SushiSwap (SUSHI), The Graph (GRT), REN (REN), Balancer (BAL), Curve Finance (CRV), and Polygons (MATIC).
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