Coinbase leads funding round of new Indonesian crypto exchange valued at $ 6 million

Pintu, an Indonesia-based cryptocurrency exchange focused on new cryptocurrency users, raised $ 6 million in seed money to support his mission to advance digital asset adoption in the country.

The company announced on Tuesday that it had completed a Series A funding round, sponsored by major global crypto investors such as Pantera Capital, Coinbase Ventures and Intudo Ventures, reports technology news agency Tech in Asia. Other investors like Alameda Ventures, Blockchain Ventures, and Castle Island Ventures They also took part in the round.

Founded in 2020 by Jeth Soetoyo, Pintu is a large Indonesia licensed cryptocurrency company regulated by the Indonesian Commodity Futures Trading Authority (Bappepti). The exchange is registered under Bappebti and the Ministry of Communications and Informatics as a licensed cryptocurrency broker.

Coinbase leads funding round of new Indonesian crypto exchange valued at $ 6 million
Coinbase leads funding round of new Indonesian crypto exchange valued at $ 6 million

The capital will be used for marketing, human resources and product development to attract more users to the sector. Pintus Head of Operations, Andrew Adjiputro, found that The company is a little different from the major Indonesian crypto exchanges like Indodax and Tokocrypto as Pintu focuses on the mass market primarily to reach out to new crypto users.

Adjiputro said many Indonesian retailers are viewing cryptocurrencies as an alternative asset class, with most investors between the ages of 20 and 35.

“For most Indonesians the concept of investing and trading is new as the penetration in these categories has historically been very low. So what we are seeing is also an opportunity to help Indonesians understand the concept. Investing / trading and move investments in other asset classes along the way “, explained the chief of operations.

As we told you before Indonesia legalized trading in cryptocurrencies even though crypto payments were banned across the board in 2017. Yesterday, the country’s central bank announced plans for the state’s digital currency with the intention of making the digital rupee a legal payment instrument in Indonesia.

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