Pintu, a mobile-first crypto wallet and trading platform in Indonesia, has closed a US$113 million Series B round of financing from Intudo Ventures, Lightspeed, Northstar Group, and Pantera Capital.
The startup will use the money to roll out new features, including additional tokens, supported blockchains, and new products. It will also invest heavily in the Pintu Academy programme to help traders understand the opportunities and risks of crypto investing and promote healthier and sustainable trading practices.
Pintu will continue to aggressively hire top talent across all functions to support these initiatives, having already doubled its team size to 200 members in 2021.
Launched in April 2020, Pintu provides millennials and retail users a platform to invest in crypto-assets such as Bitcoin and Ethereum. It “offers comprehensive trading tools, simple UI/UX, advanced security features”, and educational content to assist investors in trading, analysing, managing assets, and learning about cryptocurrencies.
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It offers features such as Pintu Earn (which allows users to earn an annual percentage yield on selected crypto assets that is paid hourly with no lock-up) and Pintu Staking (which offers many exclusive benefits for users who stake their Pintu Token), and additional payment channel integrations to make depositing and withdrawing of funds easily.
Since its launch, Pintu claims over four million users have installed its app, up from 500,000 in May 2021. It also runs Pintu Academy, a programme designed to educate and teach novice crypto traders the ins and outs of trading, acclimate traders to crypto fundamentals, and understand how to invest and sustainably manage risk.
Last August, Pintu raised US$35 million in an extended Series A financing, led by Lightspeed, in August 2021. This followed a US$6 million Series A round, led by Pantera Capital, Intudo Ventures and Coinbase Ventures, in May that year.
Over the past year, the number of crypto investors in Indonesia has doubled to more than 12 million traders, according to data from the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti), compared with 7 million domestic public equity investors.
Indonesia’s crypto market still has significant room for growth, as crypto asset ownership has only reached a 4 per cent penetration rate.
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