Pintu, an Indonesian crypto exchange and wallet, has successfully raised $110 million in Series B funding which was led by Lightspeed, Pantera Capital, Intudo Ventures, and Northstar Group. The platform is set to utilize the funds to further develop its product offerings and expand its educational arm – Pintu Academy.
In just two years, the Pintu app has risen from zero to four million downloads. Eddy Chan, the founding partner at Intudo, described Pintu as an exchange, crypto wallet, and staking platform that has its own token. He is bullish about the platform and Indonesia’s crypto economy. Chan sees the market thriving in a very, very long-term view.
He believes Pintu’s user-friendly interfaces, and educational focus emerging as the “Coinbase of Southeast Asia”. Moreover, Chan is bullish on crypto adoption in Indonesia. He highlighted Indonesia’s fiat currency inflation, rising middle class, young demographics, national interest in cryptocurrency, and growing population. The Indonesian Commodity Futures Trading Regulatory Agency had said the number of Indonesians trading crypto doubled to more than 12 million traders in 2021.
Jeth Soetoyo, the founder and CEO of Pintu, says Indonesia’s crypto market has shown remarkable growth over the past year which has been driven by regulatory encouragement and increased grassroots awareness. He believes crypto adoption in the Southeast Asian country is just in its initial stage. Educating users on the fundamentals is critical for the growth to rise in a healthy way.