Coinbase raises $6 million in funding for Indonesian cryptocurrency exchange

Pintu is a cryptocurrency exchange headquartered in Indonesia that focuses on users who use cryptocurrencies for the first time and has raised $6 million to support its mission to promote industry adoption.

The company announced on Tuesday that it has completed a Series A financing led by major global cryptocurrency investors, including Pantera Capital, Coinbase Ventures, and Tech Intudo Ventures, Asia Technology News Agency. report. Other inventors such as Alameda Ventures, Blockchain Ventures and Castle Island Ventures also participated in this round.

Established Pintu was founded by Jeth Soetoyo in 2020. It is a major licensed cryptocurrency company in Indonesia and is regulated by the Indonesian Commodity Futures Trading Regulatory Authority (Bappepti). The exchange has been registered as an authorized cryptocurrency broker under Bappebti and the Department of Communication and Informatics.

The company’s new funds will be used for marketing, hiring and product development to attract more novices into the industry. According to reports, Pintu COO Andrew Adjiputro (Andrew Adjiputro) pointed out that Pintu is slightly different from the major cryptocurrency exchanges in Indonesia (such as Indodax and Tokocrypto) because Pintu focuses on the mass market and is mainly geared towards the first use of crypto. The user of the currency.

Adjiputro said that many Indonesian retail traders see cryptocurrency as another investment asset class, and most investors are between 20 and 35 years old.

“For most Indonesians, the concept of investment and trading is new because historically, the penetration rate in these categories has been low. Therefore, we see another opportunity to help Indonesians Understand the concept of investment/transaction and leap investment into other asset classes along the way.” said the chief operating officer.

As previously reported, although Indonesia has kept cryptocurrency transactions legal Entirely banned crypto payments As early as 2017. Yesterday, it was reported that the central bank of the country announced the national digital currency plan, which aims to make the digital rupiah a legal payment tool in Indonesia.