According to a press release on June 6, Indonesian crypto exchange Pintu has secured $113 million in a Series B funding round with investments from venture capital firms- Intudo Ventures, Lightspeed Venture Partners, and Pantera Capital, as well as investment advisory firm Northstar Group.
Pintu plans to use the funding to create new features like more supported currencies, blockchains, and commodities.
The Pintu smartphone app, which was published in April 2020, allows users to buy and sell bitcoin (BTC), ether (ETH), and 50 other cryptocurrencies. Users may deposit and withdraw funds more easily with the app’s payment connectors. Pintu Earn, which provides an annual percentage yield (APY) of up to 15%, and Pintu Staking, which allows users to stake the native Pintu token. Lightspeed led Pintu’s $35 million Series A fundraiser in August 2021. Last year, the exchange quadrupled its staff size to 200 people, and it intends to keep expanding aggressively to help handle Indonesia’s burgeoning crypto sector.
Paul Veradittakit, Partner of Pantera stated:
“Crypto adoption is happening everywhere, and Indonesia has proven itself to be one of the world’s most rapidly growing markets for crypto assets. Crypto is a global asset class, and Pintu has become Indonesia’s premier portal to gain access to crypto and invest alongside global peers.”
Pintu Academy, an instructional platform that teaches new crypto investors how to invest while controlling risks, is also available on the exchange.
According to the insider sources, Pintu’s entire user base has more than quadrupled in the previous six months, from 2 million in December to nearly 5 million in May.
Pintu is registered and regulated by the Bappebti regulatory body, and it collaborates closely with the government to comply with its legal framework.
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