The fresh funds will go towards staff recruitment, improving the company’s market position, running educational campaigns, and launching new products.
Indonesia-based cryptocurrency exchange Pintu has completed an extended Series A funding round led by global venture capital firm Lightspeed Venture Partners. Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital and other organisations also participated.
The proceeds of $35 million (~£25 million) will be used to recruit new employees, develop new products and services, and conduct training events for staff. In addition, the strategic partnership will strengthen Pintu’s market position. In May the exchange raised $6 million (~£4.3 million) in funding from Pantera Capital, Intudo Ventures and Coinbase Ventures.
According to Pintu, there were more than 6.6 million cryptocurrency investors in Indonesia as of June this year. This prompted the government to consider a bill to tax the crypto industry. Regardless, digital assets are steadily becoming more popular in the country.
Pintu was founded in April 2020 with a focus on simplifying the trading experience for newcomers to the industry. The exchange is registered as a licensed cryptocurrency broker under the Indonesian Commodity Futures Trading Regulatory Agency.
Pintu, the Indonesian crypto asset exchange, has announced it has raised $35 million (~£25 million) in its latest funding round. The company plans to use fresh capital to hire new personnel, launch training programs and roll out new products. Amid growing interest in digital assets in the country, the Indonesian government announced its considerations towards a tax on cryptocurrency trades.
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