Cryptocurrency News

Coinbase leads $ 6M funding for Indonesian crypto exchange

Pintu, an Indonesia-based cryptocurrency exchange focusing on first-time cryptocurrency users, has raised $ 6 million to support its mission of adopting the industry.

The company announced on Tuesday that it had completed a Series A funding round led by major global crypto investors, including Pantera Capital, Coinbase Ventures and tech news agency Tech Intudo Ventures in Asia. Reports. Other inventors such as Alameda Ventures, Blockchain Ventures and Castle Island Ventures also participated in the round.

Established By Jeth Soetoyo In 2020, Pintu is a major licensed cryptocurrency company in Indonesia, regulated by the Indonesian Commodity Futures Trading Regulatory Agency, or Bappapti. The exchange is registered as a licensed crypto broker under Bappabati and the Ministry of Communications and Information Sciences.

The company’s new funding will be transformed into marketing, hiring and product development to attract more newcomers to the industry. Pintu’s chief operating officer Andrew Adjiputro reportedly mentioned that Pintu differs slightly from major Indonesian crypto exchanges such as Indodex and Tokocrypto as Pintu primarily focuses on the mass market to reach crypto users for the first time.

Adjiputro said that many Indonesian retailers consider crypto as an alternative investment asset class, with the majority of investors aged between 20 and 35 years.

“For most Indonesians, the concept of investment and trade is new, because historically entry into these categories has been so low. So what we are seeing is an opportunity to help Indonesians understand the concept of investment / trade And at the same time there is an opportunity to leapfrog investment in other asset classes, ”said the COO.

As stated earlier, Indonesia legally continues cryptocurrency trading Full ban on crypto payments Back in 2017. Yesterday, the country’s central bank allegedly announced state digital currency schemes, which aim to make digital rupiah currency a legal payment instrument in Indonesia.