Indonesia-based cryptocurrency exchange Pintu has completed an extended Series A funding round led by Lightspeed Venture Partners.
Participation also came by way of Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital and others.
The $35 million in funding will go toward hiring efforts, improving Pintu’s market position via strategic partnerships, undertaking educational marketing campaigns and delivering new products and features.
Related: A16z, BlockTower, Alameda Back $12.5M Round for TrustToken
The Series A extends from a $6 million raise in May in which Pantera Capital, Intudo Ventures and Coinbase Ventures also led. It comes as Indonesia has been eyeing a plan to tax profits on crypto trading in response to increasing popularity.
Though that does not appear to be slowing progression in the world’s fourth-largest country by population with over 273.5 million people. As of June 2021, Pintu said there were over 6.6 million crypto investors in Indonesia, roughly triple that of the country’s 2.2 million public equity investors.
Pintu began in April 2020 with a focus on simplifying the trading experience for beginners. The exchange is registered as a licensed crypto broker under the Indonesian Commodity Futures Trading Regulatory Agency.
“With the support of our investors, we look forward to facilitating greater financial inclusion for Indonesians from all walks of life,” said Jeth Soetoyo, co-founder and CEO of Pintu.
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