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With the rising demand for its services, Pintu plans to use the funds to add more tokens to its platform.
Indonesian cryptocurrency exchange, Pintu has raised $113 million in its Series B funding round. Intudo Ventures, Pantera Capital, and Northstar Group all participated in the funding round. Previous investor Lightspeed Venture Partners also participated in the round.
In its previous Series A funding round, the exchange raised $35 million in August. The new funding comes at a time when mainstream adoption is growing. The industry saw crypto investors grow from 6 million in 2021 to 12 million by February 2022. These numbers exceed that of public equity investors, which is just 7 million.
Pantera partner, Paul Veradittakit, believes that Indonesia has cemented its place as one of the fastest-growing markets in the world for crypto assets. He said,” Pintu has become Indonesia’s premier portal to gain access to crypto and invest alongside global peers.” Lightspeed partner, Hemant Mohapatra agrees with the assertion. “Since our investment in August last year, Pintu has scaled 5x to become the country’s leading retail-focused crypto brokerage,” he noted.
Pintu Funding: How These Funds Will Be Used
Crypto-trading firm, Pintu, launched its mobile app in 2020. The app now supports the trading of about 66 cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). Also, the platform integrates seamlessly with several payment providers allowing users to deposit and withdraw fiat. There are multiple other offerings on the app, including Pintu Earn which allows users to get up to a 15% annual percentage yield (APY) on their investments. Through Pintu Staking, users can earn rewards by staking the platform’s native token Pintu.
Over the last six months, the exchange grew its user base from 2 million to 5 million. With the rising demand for its services, Pintu plans to use the funds to add more tokens to its platform. It will also increase its employee base to cope with the rising crypto tide in Indonesia.
According to the Chief Marketing Officer of Pintu, Timothius Martin, “Education about crypto investment is a key pillar to support the growth of the market.” As such, the exchange also offers an academy to educate traders about investing with proper risk management.