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.
“We believe that the adoption of crypto assets in Indonesia is only in its early stages, and educating the public is of paramount importance to ensure this growth proceeds in a healthy way,” said Jeth Soetoyo, Founder & CEO of PINTU. “We will continue to build on this momentum by offering more new features and initiating appropriate strategies to bring crypto assets to more Indonesians.”
Meanwhile, cryptocurrency exchange platform Gemini, founded by the Winklevoss twins, raised $400 million in November last year at a $7.1 billion valuation. FTX also raised $400 million at the beginning of this year, but at a $32 billion valuation. However, since then the valuations for cryptocurrency exchanges have dropped. Coinbase’s stock price is currently only worth a third of its value as at the start of April.