In good news for the development of the crypto market in Indonesia, the Indonesian cryptocurrency exchange and wallet named Pintu has collected $113 million through Series B funding. The funding was raised thanks to the investors Pantera Capital, Northstar Group, Lightspeed, and Intudo Ventures.
According to Eddy Chan, a founding partner at Intudo Ventures, the Pintu app reached four million downloads in just two years. With its own stable exchange, crypto wallet, and staking platform with a corresponding token, Chan is optimistic regarding Pintu’s long-term future.
Chan specially mentioned Pintu’s focus on education and a user-friendly interface as key factors that have attracted him to make an investment. He claims that Pintu could turn out to be “the Coinbase of Southeast Asia.”
According to a statement made by Pintu’s founder and CEO Jeth Soetoyo, the Indonesian crypto market is steadily growing. However, there is a need for the education of the Indonesian public, as the crypto industry is still at an early stage in Indonesia. Pintu will use the investment money to expand its educational arm, Pintu Academy, as well as to widen its array of product offerings.
Chan has pointed to Indonesia’s young demographics, fiat currency inflation, and growing middle-class and overall population numbers, as factors contributing to Indonesia’s promising future in the world of crypto.