Pintu, an Indonesia-based crypto-assets exchange company, announced that it has raised an undisclosed funding round.

Coinbase Ventures (a US-based blockchain and cryptoassets-focused VC firm) led the round along with Pantera Capital (US-based blockchain and cryptoassets-focused VC) and Intudo Ventures (Indonesia-only VC firm). Ventures, Castle Island Ventures, and Alameda Ventures, also participated.

The company has not revealed what it intends to do with the funding but has been ramping up its hiring for several roles.

Pintu was founded by Jeth Soetoyo last year with the intention to help local millennials and retail users invest in crypto assets such as Bitcoin, Ethereum.

On being asked how the platform differs from its competition, Andrew Adjiputro, the COO of the company said that Pintu focuses on the mass market to reach mainly first-time crypto users, and its value proposition lies in its mobile-first app, easy user experience, and educational materials developed by the company.

Also Read: Japan plans to increase internal security in crypto exchanges

Pintu is also officially registered and licensed by Kominfo and BAPPEBTI, Indonesia’s commodity futures trading regulator

“We are witnessing immense crypto assets volume growth within less than a year of our app launch in April 2020. Frankly, this is just the tip of the iceberg given the fact that the Indonesian crypto assets industry is still five years behind the US. We have a mission to exponentially grow market adoption via crypto assets literacy, best-in-class user experience, and customer trust. In terms of next steps, our focus lies on expanding our token offerings, features, and product with a key focus on making our customers happy,” Soetoyo said.

That being said, Pintu is also not released from the immense amount of competition surrounding it. Other Indonesian cryptocurrency exchanges include Indodax, Tokocrypto, and Binance.

In 2018, the Indonesian Commodity Futures Trading Regulatory Agency (also known as Bappepti) under the Ministry of Trade of the Republic of Indonesia has elected to regulate bitcoin and other cryptoassets as commodities.

Government support has been the strong tailwind for Indonesian crypto assets development by promoting regulations that ensure safe and responsible crypto asset investing activities through legally licensed crypto assets brokers such as Pintu.

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Image Credit: Executium


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