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Pintu Crypto Exchange of Indonesia Raised $35 Million in an Extended Venture

Indonesian-based cryptocurrency exchange carried out an extended series of ventures by joining hands with Lightspeed Venture Partners. The joint efforts have raised $35million. It is said that the amount would be used to improve Pintu’s market presence.  It will also be used to hire new talent and carrying out crypto awareness campaigns.

Apart from Pintu other notable names were Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital, and others. Series A extends Pintu’s capital from $6million to $35million. Back in the month of May Pintu raised $6million. Previously Pintu partnered up with Pantera Capital, Intudo Ventures, and Coinbase Ventures.

The popularity of crypto trading in Indonesia has raised the eyebrow of regulatory authorities. The authorities have been eyeing a plan to tax profits. Despite the fears that sanctions might apply, the country’s progression to mine crypto assets and launching new ventures has not been slowed yet. Indonesia is the world’s fourth-largest country by population. As of June 2021, a statement released by Pintu revealed that currently there are over 6.6 million crypto investors in Indonesia. These numbers are already triple that country’s 2.2million public equity investors.

The country’s potential for crypto trading has been unparalleled. Pintu started its journey back in 2019, the aim was to limit the complications regarding digital assets trade. Pintu since, its inception has worked to simplify crypto trading within the country. On top of that, Pintu is listed crypto exchanged regularized by the Indonesian Commodity Futures Trading Regulatory Agency.

Jeth Soetoyo, co-founder and CEO of Pintu, said “with the support of the company’s investors, Pintu is looking to build the bridges by facilitating greater financial inclusion for Indonesians from all walks of life.”

He further added that the emergence of rapid digital technologies demands crypto exchanges to simplify the dynamics of the digital market for their customers. It would be helpful for customers to make their decisions regarding digital assets trading.  Investors nowadays are constantly evaluating various classes of digital assets.  The top leadership of Pintu exchange feels that it’s on their shoulder to educate investors, so investors might be able to make the right decision.

Since Pintu is a listed crypto exchange, it’s a sigh of relief for customers that they can trade their digital assets via Pintu exchange. However, Pintu is making huge strides to make crypto user-friendly, more sophisticated exchanges are emerging in Indonesia. It’s only a matter of time when Indonesian-based crypto exchanges will be impacting crypto trading markets worldwide. Pintu with the fresh funds available will go for new recruitment this would strengthen its market position as well.

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