Coinbase raised $6M fund supporting Indonesian Crypto Exchange

Coinbase raised $6M fund supporting Indonesian Crypto Exchange

Pintu, a licensed Indonesian crypto-exchange, revealed an announcement on receiving $6M fund from Coinbase supporting crypto users and industry, on Tuesday.

Series A Funding Mission in Indonesia

Coinbase launched a new mission called “Coinbase Ventures”. A mission that supports investing in small crypto exchanges and blockchain startups. It completed a “Series A” funding round supporting the crypto industry as it is waving high in Indonesia. Major global investors like Pantera Capital, Intudo Ventures, and Coinbase Ventures. Blockchain Ventures, Alameda Ventures, and Castle Island Ventures also took part in the round.

The Indonesian Commodity Futures Trading Regulatory Agency encouraged exchanges on cryptocurrencies in 2019. This led a way for all licenced crypto brokers in Indonesia. This made Jeth Soetoyo to create a crypto company in 2020 named, Pintu. The exchange is registered as a licensed crypto broker under Bappebti and the Ministry of Communication and Informatics.

The Urge of New entrants into Crypto market

The company used this funding system as a smart strategy to attract users and new entrants into the crypto market. The CEO of Pintu, Andrew Adjiputro says,

“Pintu is a bit different from major Indonesian crypto exchanges like Indodax and Tokocrypto as Pintu is focused on the mass market to reach mainly first-time crypto users.”

Moreover, Andrew added that Indonesians are new to the concept of investing and trading in cryptocurrencies. So people must use this as an opportunity to gain knowledge about the crypto market. Some private investors see crypto as an alternative asset which covers people between 20-35 age groups.

The pandemic initiated many millennials to save their money as digital assets in secured platforms. Many newcomers are looking into the crypto market with huge interests. According to Pintu’s internal balance sheet, private investors of Indonesia made crypto transactions around $10B USD by last year.

However, after banning crypto payments in 2017, Indonesian banks legalized digital currency trading at present. After deciding with other officials, Indonesian Central bank announced digital currency as the country’s digital rupiah. Therefore, usage of crypto’s are made as legal payment gateways of Indonesia.

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