Pintu Raise 503 Billion Rupiah Funding Led by Lightspeed Venture Partners

After reportedly receiving series A pendanaan funding for $6 million last May, application marketplace crypto assets Pintu has now announced the acquisition of series A+ funding of $35 million or equivalent to 503 billion Rupiah. The round was led by Lightspeed Venture Partners, and supported by Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Intudo Ventures and Pantera Capital.

Through this funding, Pintu is committed to strengthening its position as the leading crypto mobile application in Indonesia. It is planned that this fresh fund will be used to massively recruit new talent across all functions of the company, launch new products and features, and encourage future expansion of the company.

Lightspeed partner Hemant Mohapatra believes that crypto is at a transition point to become the most important asset class in the world and will give rise to many companies that will become regional leaders.

"Pintu has created the strongest trademark, best user experience and strongest team we have come across in this field. We can't wait to help them become a leading brand in the crypto world -- not only in Indonesia, but in the next few years, as well as across Southeast Asia," he said.

Founded in April 2020, Pintu designed to meet the needs of all segments of society. By focusing on mobile displays and smart features as a support for trader beginner, Pintu provide more comprehensive and open access to trader lay and experienced to be able to mitigate risks against market volatility and various other speculative measures.

Pintu offers a very low minimum transaction value starting from IDR 11.000 for both novice and experienced investors. There are currently 16 tradable crypto assets on the platform and will soon be adding new options, including NFT tokens and other crypto projects that people are looking for.

Co-founder & CEO Pintu Jet Soetoyo said, “We build Pintu with the belief that crypto is not just a technology, but an asset class and community that will help overcome barriers to financial inclusion in Indonesia. [..] With the support of investors Pintu, we are committed to facilitating financial inclusion for all Indonesian people.”

Crypto platform trends in Indonesia

apart Pintu, there are new players who recently also received fresh funds, namely Coinomo. The company born after Turn Capital acquired Dapp Pocket (a Taiwanese crypto wallet player) and Cappuu (a service yield aggregator) has released a beta version of its product in May 2021.

Previously, there have been several players who have explored the crypto asset industry market, such as TokoCrypto and Nobi, which focus on maximizing potential.i "passive income" for crypto investors. tokocrypto themselves have developed the first claimed hybrid CeDeFi (TKO) token in Indonesia on top of Binance Smart Chain, which is their early stage investor.

As one of the assets that is predicted to have great potential, various investment application developers also offer crypto as one of the products on their platform. Just say it Pluang which in March managed to secure a pre-series B funding of around 288,8 billion Rupiah led by OpenSpace Ventures.

Market potential

Globally, according to a report compiled by Research and Market, the market size for cryptocurrency has reached $1.812 million by 2020, is projected to increase by $2.150 million this year, and soar to the figure of $5.158 million in 2026 at a CAGR of 19,04%.

Meanwhile in Indonesia, according to data from the Ministry of Trade (Kemendag), crypto asset investors Until May 2021, it has reached 6,5 million people with a transaction value of IDR 370 trillion. This increase is quite fantastic, considering that in the previous month it was recorded 4,8 million people with a transaction value of around Rp.237,3 trillion (January-April 2021).

With high price volatility, the profile of crypto investors is usually one who is willing to take risks. It is important for the public to understand that crypto assets are not the same as each other. CoFTRA itself has published a list 229 crypto assets that can be traded in Indonesia.

Reporting from Coinmarketcap.com, the global crypto market capitalization currently stands at $1,76 trillion, accounting for a decline of around 2,82%.