Pintu exchange, one of Indonesia’s and Southeast Asia’s most promising crypto companies, has raised a significant amount of money in its Series A round.
The bitcoin wallet and trading platform for mobile devices secured $35 million in early investment from blockchain investors, allowing the company to expand its product and service offerings.
Lightspeed Startup Partners and other high-profile venture investors led the Pintu exchange financing round. The Indonesian crypto company was also backed by Alameda Ventures, Blockchain.com, Pantera Capital, and Coinbase Ventures.
What’s next for the Pintu Exchange now that it’s been funded?
Pintu plans to employ additional people, roll out new product offerings, and promote the future acceptance of cryptocurrencies in Indonesia, according to Jeth Soetoyo, the company’s co-founder and CEO.
He stated that the platform seeks to assist Indonesians in overcoming financial inclusion hurdles.
This is because the country’s crypto sector is still expanding, and enterprises are finding it tough to negotiate its complicated legal frameworks for purchasing and selling digital assets.
The country’s authority, BAPPEBTI (Commodity Futures Trading Regulatory Agency), was ready to help the crypto business. However, cryptocurrency payments are strictly prohibited by Bank Indonesia, the country’s national bank.
Pintu, on the other hand, is a regulated crypto exchange that may service ordinary investors.
Crypto In Indonesia
The government takes a neutral stance on cryptocurrency. But, on the other hand, authorities said in May that they are exploring a tax plan for capital gains from bitcoin trading.
The Indonesian Directorate General of Taxes said that taxpayers who obtain capital gains from cryptocurrency transactions must pay the tax and disclose it to the government. The procedure, however, is still being disputed.
The crypto tax ideas follow years of sweeping bans on cryptocurrency payments. In 2017, the country’s central bank enacted a policy prohibiting cryptocurrency in payment systems.