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According to the report, the money raised in the funding round will be used to amp up the hiring processes and consolidate its market standing through strategic collaborations and partnerships.
Pintu, which is an Indonesian cryptocurrency exchange, has raised $35 million in its series A round of funding. This round was led by the multinational venture capital firm Lightspeed Venture Partners.
Lightspeed Venture Partners is known to target multi-stage investments in the technology sector. In the past twenty years, the company has funded more than 400 companies like Snapchat, Affirm, MuleSoft, and AppDynamics. The company pivots its investments in seed, early-stage, later stage, and expansion stage, specializing in debt financing for company growth.
The latest round of funding also witnessed participation from New Mexico-based Almeda Ventures, crypto exchange Blockchain.com Ventures, early-stage Venture Capital Castle Island, Coinbase Ventures, Intudo Ventures, and Pantera Capital.
According to the report, the money raised in the funding round will be utilized by amping up their hiring processes. Apart from this, the firm also plans to consolidate its market standing through strategic collaborations and partnerships. The firm also plans to advertise and spread awareness through campaigns and promises innovative additions to the exchange platform
A few months ago in May, the first half of its series A round of funding concluded in $6 million being raised by Panter Capital, Intrude Ventures, and Coinbase Ventures. The exchange has gained acceptance from Indonesia, causing speculations on the Indonesian government levying taxes on the profits of the Indonesian crypto-trading industry.
Indonesia is the fourth largest country in the world in terms of population, and hence, serves as a large market for the crypto exchange company Pintu. According to some statistics, there are approximately 6.6 Mn crypto traders in Indonesia. The number is almost triple of the country’s 2.2 Mn public equity investors.
Pintu launched its crypto exchange in 2020 to enable a convenient trading experience for amateurs. The company’s application furnishes its users with exhaustive features on the crypto exchange platform, providing access to various financial services. Talking about the recent round of funding, co-founder and Chief Executive officer Jeth Soetoyo said that the company plans to facilitate larger financial inclusion for Indonesians in different niches.