Indonesia Exchange Pintu Raises $113 Million in Latest Funding Round

• The exchange does not release its trade volumes to the general public. 
• A $35 million Series A investment was secured in August last year.

Today, Indonesian cryptocurrency exchange and wallet Pintu revealed that it had secured $110 million in Series B investment from Lightspeed, Pantera Capital and Northstar Group.

Pintu intends to use the money it has collected toward expanding its teaching arm, Pintu Academy, and developing new products. The Pintu app has gone from zero to four million downloads in only two years with an exchange, crypto wallet, and staking platform with its own token.

Rising Crypto Adoption in Indonesia

Intudo is a venture capital business with an exclusive emphasis on Indonesia. As a founding partner of Intudo, Eddy Chan has a “very, very long-term view” on Pintu and Indonesia’s crypto economy, despite the current worldwide market collapse.

Pintu creator and CEO Jeth Soetoyo, along with the app’s user-friendly interfaces and educational emphasis, might become “the Coinbase of Southeast Asia,” according to Chan. He’s also enthusiastic about the adoption of crypto in Indonesia. He cites the country’s expanding middle class, rising population, and national interest in cryptocurrency as reasons for his optimism about the country’s crypto adoption.

According to Soetoyo, Pintu is one of the top three Indonesian crypto exchanges. Pintu was created in April 2020. The business does not release its trade volumes to the general public. Indodax and Tokocrypto are among their local competitors.

According to the Indonesian Commodity Futures Trading Regulatory Agency, the number of Indonesians trading crypto has quadrupled in the last year to more than 12 million. With this latest fundraising round, Pintu has now raised over $150 million in total capital. A $35 million Series A investment was secured in August last year.