CRYPTO TRADING APP PINTU SAW A BIG BOOM SCORES $113M FROM INTUDO VENTURES
Launched in April 2020, Pintu charges itself as "Indonesia's leading crypto asset platform." This is the third round of funding launches in less than a year. The first was a $ 6 million series A announced in May 2021, and the second was a $ 35 million Series A + funding two months later. At the time, Pintu chief executive Andrew Adjiputro told TechCrunch to promote A + instead of moving to Series B because its focus on product development and implementation remains the same.
Now 10 months later, Pintu sales chief Timothius Martin tells TechCrunch to add more tokens, making a total of 66 available, and add more each month. The app also adds additional integration to the payment channel; Pintu Staking, which allows users to enter their Pintu Token; and Pintu Earn, a product that enables them to earn up to 15% per annum (APY) on selected crypto assets that are paid hourly without closing time. Users can replenish or withdraw their Earn wallet at any time.
According to data from the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti), the number of crypto investors in Indonesia doubled last year to more than 12 million traders, compared to 7 million public equity investors. But with crypto asset ownership still having an entry level of only 4% among people, Pintu's team notes that it has a lot of room for growth. Pintu is registered and licensed by Bappepti.
The app is aimed at early cryptocurrency investors, primarily Gen Z and for millennials with features like Pintu Academy, an educational system. It allows them to invest in Bitcoin, Ethereum and other cryptocurrencies. Currently it says more than four million people have installed this app, from 500,000 in May 2021. The app also has 790,000 community members across Telegram, Discord, Instagram and TikTok.
The company will use its latest funding, which brings its proposed value to around $ 156 million, adding more tokens and blockchains based on new products. It plans to expand its Pintu Academy program to, as it puts it, "help traders understand both the opportunities and risks of crypto investment and promote healthy and sustainable trading methods." It will also make more hires, as it has already doubled its team to 200 by 2021.
The epidemic sparked an interest in investment in stores last year, and as the epidemic subsides, Martin said "we see that the market is much more mature now compared to last year. Consumers are starting to make investment decisions based on crypto assets. Indonesia with more than 100 million players in the country. This encourages significant growth in games and metaverse-related crypto assets, as many believe these projects contribute to the future of the games. "
In a statement, Lightspeed partner Hemant Mohapatra said, “We are delighted to continue our journey with Pintu and welcome our new Northstar Group partner. Since our investment in August last year, Pintu has grown 5x to become the leading crypto broker in the country, and has hired one of the strongest teams we have seen in the market. The crypto wave is gaining ground around the world and Pintu is building a manufacturing company in this segment. "