The latest funding infusion of $113 million will be redirected to scale the platform’s existing offerings, such as the introduction of new features and additional support for Blockchains.
Indonesian crypto asset platform Pintu has announced the closing of a $113 million Series B funding round involving four prominent investors: Pantera Capital, Intudo Ventures, Lightspeed, and Northstar Group.
Licensed by the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Commerce, Pintu caters to Indonesian crypto investors trading popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
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Bappepti previously highlighted the doubling of the number of Indonesian crypto investors in 2021-2022, to which Jeth Soetoyo, founder and CEO of Pintu, said that they believed “cryptocurrency adoption in Indonesia is only in its early stages, and educating users on the fundamentals is crucial to ensuring this growth continues in a healthy manner.”
The latest funding infusion of $113 million will be redirected to scaling the platform’s existing offerings, such as introducing new features and supporting Blockchain. The company is also planning to add more tokens and launch new products to further consolidate its position in Indonesia.
In just two years since its inception, Pintu launched numerous features on its mobile app that allow users to earn and stake their cryptocurrency holdings. Additionally, a portion of the Series B funding will be dedicated to Pintu Academy, an educational program for cryptocurrency traders that aims to spread the opportunities and risks of cryptocurrency investing.
Cryptocurrency in Indonesia: Sneak Peek
A recent analysis by Cointelegraph on April 3 noted that cryptocurrency investments in Indonesia saw considerable growth between 2020 and 2022, with 4% of the country’s population having invested in cryptocurrencies.
This growth has shaped a new mindset toward investing in cryptocurrencies, especially in the mainstream media. An example of the growing appeal of cryptocurrencies in the mainstream is the involvement of celebrities and influencers from Indonesia.
Celebrities and influencers in Indonesia seem to be much more involved in the Indonesian cryptocurrency investment industry since 2021.
Many have become brand ambassadors for crypto exchanges and projects to help promote them and increase trading volume substantially.
The involvement of the likes of Joe Taslim, an Indonesian actor gone global, and Indonesian models and actresses Jessica Iskandar and Shandy Aulia might not come as a surprise, considering the inevitable presence of celebrities in advertising and branding.
Some celebrities have even created their own cryptocurrency.
The celebrity listing trend has skyrocketed, especially after one of Indonesia’s top musicians, Anang Hermansyah, created his own listing.
Three tokens have gone viral in Indonesia as of February 2022: VCG (VCG), Asix (ASIX), and I-Coin (ICN).
The name of the celebrities who support them and their marketing team went viral on their token and caused a lot of fear of losing, or FOMO, from Indonesian investors for the first time.
But, long before these, the trend started with an influencer named Indra Kenz, who created her own token with her team called Botxcoin (BOTX).
By Audy Castaneda
