Indonesia’s first mobile cryptocurrency wallet and trading platform Pintu has raised $35 Million from various blockchain venture funds. Among the leaders of Series A were Lightspeed Venture Partners, Alameda Ventures, Blockchain.com, Coinbase Ventures, and many more.
Pintu aims to hire more staff members, roll out new products, and drive future crypto adoption in Indonesia with the funds.
“As the fourth-most populous country in the world and with only 1-2% of Indonesians having exposure to cryptocurrencies, there is an immense opportunity for retail investors to gain access to diversified and dynamic investment opportunities through Pintu’s unique crypto-asset trade offerings.”Jeth Soetoyo, Co-Founder & CEO at Pintu
Indonesia’s crypto industry still tries to undo its shackles as more companies aim to overcome complex regulatory frameworks for buying and selling digital assets.
Even though the country’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) classified the asset class as a speculative commodity in February 2019, its central bank keeps up its strict ban on cryptocurrency payments.
Pintu is recognized as a licensed cryptocurrency broker under BAPPEBTI, allowing the company to serve retail investors legally.