thecoinrepublic.com
- Lightspeed Venture Partners sponsored an extended Series A investment round for Pintu, an Indonesian bitcoin exchange. Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital, and others also participated
- Though, with a population of over 273.5 million people, this does not appear to be impeding development in the world’s fourth-largest country by population
- The extra funds will be used to employ new people across all departments, form strategic alliances, conduct education campaigns, roll out new products and services, and grow into other asset classes, among other things
Lightspeed Venture Partners sponsored an extended Series A investment round for Pintu, an Indonesian bitcoin exchange. Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital, and others also participated.
The $35 million will be used to hire additional employees, strengthen Pintu’s market position through strategic alliances, launch instructional marketing initiatives, and introduce new goods and services. The Series A follows a $6 million funding round headed by Pantera Capital, Intudo Ventures, and Coinbase Ventures in May. It comes as Indonesia considers a plan to tax earnings from cryptocurrency trading in light of its growing popularity.
Though, with a population of over 273.5 million people, this does not appear to be impeding development in the world’s fourth-largest country by population. Pintu estimates that there were over 6.6 million crypto investors in Indonesia as of June 2021, about three times the country’s 2.2 million public equities investors. Pintu launched in April 2020 with the goal of making trading easier for newcomers. The Indonesian Commodity Futures Trading Regulatory Agency has exchange-listed as a licensed crypto broker. They look forward to supporting greater financial inclusion for Indonesians from all walks of life with the assistance of their investors, said Pintu co-founder and CEO Jeth Soetoro.
The Futures Exchange Supervisory Board (Bappebti) of the Ministry of Trade and the Ministry of Communications and Information have both registered and licensed Pintu (Kominfo). Crypto assets are currently the most popular investment class in the country, notwithstanding their volatility.
According to the Ministry of Trade, there were almost 6.6 million crypto investors in Indonesia as of June 2021, which was greater than the country’s 5.6 million stock investors at the time. The number of downloads for Pintu’s app increased by 3.5 times in the first half of this year, while the platform’s active traders increased by 400 percent.
The extra funds will be used to employ new people across all departments, form strategic alliances, conduct education campaigns, roll out new products and services, and grow into other asset classes, among other things. Pintu, which now supports trading on 16 cryptocurrencies, claims that the number of active traders on its platform increased fourfold in the first half of this year. It’s also about to introduce a new tool called Pintu Earn, which allows users to earn income on a range of crypto assets automatically.