On June 7, 2022, Indonesia cryptocurrency exchange pintu raised $113million in round B financing, with investors from Pantera capital, intudo ventures, Lightspeed venture partners and Northstar group. Pantera capital invested in pintu again, and Pantera capital also issued a document introducing why it invested in pintu.
Cryptocurrency going global
In the past few years, cryptocurrency has been widely used in the United States, but the growth of cryptocurrency outside North America has not attracted people’s attention. Gemini recently released a report on the global cryptocurrency situation. It found that nine countries, including Indonesia, Brazil, Mexico and South Africa, have a much higher population adoption rate of cryptocurrency than the United States.
Emerging market drivers go beyond cryptocurrency investment cases. Many countries view cryptocurrencies as an alternative to inflation prone currencies, a cheaper cross-border payment channel, and a viable financial system for people without bank accounts. For the emerging international encryption market, the most important technology is the exchange and wallet platform that brings retail users into the encryption ecosystem for the first time.
Indonesia has the highest cryptocurrency ownership rate (41%) among adults with an annual income of more than $14000. (global cryptocurrency status report, Gemini, 2022)
Why should we invest in pintu
We are pleased to double our investment in Indonesia’s leading cryptocurrency exchange and asset platform pintu. Indonesia is one of the most important countries in the encryption market in Asia, with a forward-looking regulatory environment and a rapidly growing digital native population. 12million people in Indonesia actively invest in cryptocurrency, while only 7million Indonesians invest in domestic stocks.
For many Indonesians, cryptocurrency (and pintu) is their first contact with investment. For them, the global, transparent and real-time nature of blockchain is not an innovation – it directly puts traditional finance in the rear view mirror. According to Gemini’s global encryption status in 2022, Indonesia is also one of the only countries in the world where women (51%) have more encryption assets than men.
We believe that pintu’s user-friendly, education focused exchange will become the first choice for the next generation of encryption users from the world’s fourth most populous country (with more than 270Million people).
Why are we so excited
Indonesia is one of the markets with the greatest impact on the ownership rate of encryption assets, and the current market penetration rate is 4%. Two thirds of the country’s population do not have bank accounts. Over the past decade, the rupiah has depreciated by 50%. At the same time, the Indonesian commodity futures trading regulator (bappebti) is the regulator of encrypted trading, and the national government has taken great steps to adopt cryptocurrency. With the white list of more than 200 different encrypted assets and the regulatory support for providing secure access to exchanges such as pintu, Indonesia has the motivation and motivation to quickly bring the benefits of blockchain to its citizens.
Pintu caters to 99% of non professional traders by supporting more than 50 of the most popular cryptocurrencies and product components designed for users who use cryptocurrencies for the first time. Since may2021, the instant integration with Indonesian financial institutions and the smooth and simple interface have increased the installation of pintu by seven times, reaching 4million users. Pintu recently launched pintu earn and pintu stacking, which bring one click WiFi access to Indonesian encryption users and help users earn up to 15% of their apy from their encryption assets.
In order to satisfy Indonesia’s curiosity about cryptocurrency, the pintu academy provided in-depth education on the technology behind cryptocurrency and blockchain, the basic knowledge behind cryptocurrency transactions, and strategies for managing risks and sustainable investment. Seminars and joint initiatives with the government of Indonesia have made pintu one of the most well-known encryption companies in the country.
Since leading pintu’s round a investment, we have been working closely with Jeth soetoyo, CEO and founder of pintu, to promote the company’s mission of providing encrypted access in Indonesia. Now pintu has expanded to more than 200 people. I am glad to see that the whole team is full of enthusiasm and faith in the future of cryptocurrency in Indonesia.
We are proud to cooperate with Lightspeed ventures, intudo ventures and Northstar group to continue to enhance pintu’s mission in Indonesia and other regions.
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