Indonesian cryptoasset exchange Pintu announced raising $35 million in its extended Series A funding round led by multi-stage venture capital Lightspeed Venture Partners.
The round was also backed by existing investors Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Venture, Pantera Capital, and others.
The fresh funding will be used to aggressively hire new talents across all functions, roll out new products features, and fuel future expansion, the company said.
Pintu was launched in April 2020 to solve the pains of investing in cryptoassets such as Bitcoin, Ethereum, and others, for millennials and retail users.
The company said it helps investors trade, analyze, manage assets, and learn about cryptocurrencies through the platform’s comprehensive trading tools, simple UI/UX, advanced security features, and educational content.
Pintu currently offers trades on 16 different dynamic cryptocurrencies, and plans to add more coins that are in high demand by investors, including NFT tokens and other highly sought-after crypto projects, keeping up to date with the latest crypto trends in line with user demand.
The company is also in the process of rolling out innovative new features specifically designed to better serve its users, including Pintu Earn, a crypto asset interest account that enables users to automatically earn interest on a variety of crypto assets; and e-wallet integration for easy deposit and withdraw of funds.
“We built Pintu with the belief that crypto is more than just a piece of technology, it is also an asset class and community that will provide the means for Indonesians to overcome the barriers of financial inclusion,” said the company’s co-founder and CEO Jeth Soetoyo.
As the fourth-most populous country in the world and with only 1-2% of Indonesians having exposure to cryptocurrencies, there is an immense
opportunity for retail investors to gain access to diversified and dynamic investment opportunities through Pintu’s unique cryptoasset trade offerings, Soetoyo added.