Pintu raises $6 million in a Series A round led by Pantera Capital, Intudo Ventures, and Coinbase Ventures

Pintu
SaaS News -Indonesian-crypto-exchange-Pintu-gets-$6M-Series-A(source: SaaS Industry)
At a Glance

Pantera Capital and Intudo Ventures led a $6 million Series A financing for Pintu. Last year, Indonesia executed $10 billion in crypto-asset transactions, the vast bulk of which was conducted by regular investors. Many retail traders in Indonesia see cryptocurrencies as an alternative financial asset class. Pintu’s value proposition is centered on its mobile-first software, easy-to-use user interface, and teaching resources.

Pintu, an Indonesian crypto exchange, has raised $6 million in a Series A round led by Pantera Capital, Intudo Ventures, and Coinbase Ventures. Other participants include Blockchain.com Ventures, Castle Island Ventures, and Alameda Ventures. The new funds will be utilized for marketing, hiring, and product development.

Two years ago, the Indonesian Commodity Futures Trading Regulatory Agency (commonly known as Bappepti) began regulating Bitcoin and other crypto-assets as commodities, opening the door for licensed brokers like Pintu. 

Pintu, founded last year by Jeth Soetoyo to make it simpler for first-time investors to acquire Bitcoin, Ethereum, and other cryptocurrencies, has registered as a licensed crypto-assets broker with Bappebti and the Ministry of Communication and Informatics.

Many first-time investors are interested in cryptocurrencies as well. According to Pintu’s internal estimations, Indonesia completed $10 billion in crypto-asset transactions last year, most of which were made by ordinary investors.

According to Pintu’s Chief Operating Officer Andrew Adjiputro, many Indonesian retail traders consider cryptocurrency an alternative financial asset class. The bulk of retail investors are between the ages of 20 and 35. However, as cryptocurrency becomes more popular, the firm is seeing an increase in senior investors.

“Based on our internal survey, in terms of the public’s top-of-mind asset classes, we see crypto as a top-three asset class in Indonesia, alongside gold and mutual funds.”

Andrew Adjiputro – COO, Pintu

Indodax and Tokocrypto are two more Indonesian cryptocurrency exchanges. When asked how Pintu differs, Adjiputro stated that it focuses on the mass market to attract mostly first-time crypto users. Its value proposition is based on its mobile-first software, simple user experience, and instructional materials provided by the firm.

Adjiputro explained that because of historically poor penetration in these areas, most Indonesians are unfamiliar with the notion of investing and trading.

“So what we’re seeing is also the opportunity to help Indonesians understand the concept of investing/trading and along the way leapfrog investments into other asset classes. What this means is that there is a large base of underserved first-time investors that demand a simple and intuitive trading platform where they are handheld from start to finish and also educated on the fundamentals of investing/trading on top of that of crypto,”

Andrew Adjiputro – COO, Pintu
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