Indonesian cryptocurrency exchange PINTU has raised $113 million in a Series B round of funding bringing its cumulative backing to $156 million. Intudo Ventures, Lightspeed, Northstar Group, and Pantera Capital participated in the round.
Since its launch in April of 2020, the application has been downloaded by more than four million users, although they won’t all have opened accounts. PINTU has also acquired over 790,000 followers across Telegram, Discord, Instagram and TikTok.
Despite the strong results, there is still a lot of opportunity for growth for a company operating in the crypto trading market in Indonesia. As of February of 2022, the number of crypto asset investors in Indonesia reached 12.4 million, surpassing the 7 million stock investors in the country. Yet, only 4% of the population has participated in crypto so far. According to Chainalysis, the country ranks in 25th spot in terms of cryptocurrency adoption.
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