Coinbase leads a $6 million fundraising round for an Indonesian cryptocurrency exchange.

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Pintu is an Indonesian cryptocurrency exchange that has been licenced as a crypto broker by Bappebti and the Ministry of Communication and Informatics.

Pintu, an Indonesia-based cryptocurrency exchange aimed at first-time bitcoin users, has raised $6 million to support its purpose of driving industry adoption.

The company announced Tuesday that it has completed a Series A funding round led by major global crypto investors including Pantera Capital, Coinbase Ventures, and Intudo Ventures, tech news agency Tech in Asia reports. Other inventors like Alameda Ventures, Blockchain Ventures, and Castle Island Ventures also participated in the round.

Founded in 2020 by Jeth Soetoyo, Pintu is a major licensed cryptocurrency company in Indonesia, regulated by the Indonesian Commodity Futures Trading Regulatory Agency, or Bappepti. The exchange is registered under Bappebti and the Ministry of Communication and Informatics as a licensed crypto broker.

To lure more entrants to the business, the company’s additional money will be used for marketing, hiring, and product development. Pintu’s chief operating officer Andrew Adjiputro allegedly stated that Pintu differs from large Indonesian crypto exchanges like as Indodax and Tokocrypto in that Pintu is aimed at the mass market, namely first-time crypto consumers.

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According to Adjiputro, many Indonesian retail traders see cryptocurrency as an alternative financial asset class, with the majority of investors aged 20 to 35.

“For most Indonesians, the concept of investing and trading is new, because historically penetration in these categories have been so low. So what we’re seeing is also the opportunity to help Indonesians understand the concept of investing/trading and along the way leapfrog investments into other asset classes,” the COO stated.

As previously reported, despite imposing a blanket ban on bitcoin payments in 2017, Indonesia has kept bitcoin trading lawful. The country’s central bank allegedly revealed state digital currency plans yesterday, with the intention of making digital rupiah money a legal payment mechanism in Indonesia.

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