Pintu – a crypto exchange from Indonesia catering primarily to first-time crypto clients – has reportedly managed to secure $6 million to financially back its goal to increase local adoption of the sector. 

Specifically, the firm reportedly revealed that it has finalized a Series A funding round led by top-tier international crypto investing entities, nominally Pantera Capital, Coinbase Ventures, and Intudo Ventures. Participants also include Alameda Ventures, Blockchain Ventures, and Castle Island Ventures. 

Pintu – established last year by Jeth Soetoyo – reportedly functions as a high-profile, licensed crypto exchange platform located in Indonesia, subject to the regulations of the Indonesian Commodity Futures Trading Regulatory Agency, or Bappepti. The registration of the exchange with Bappebti and the Ministry of Communication and Informatics granted it the power to operate as a licensed crypto broker.

The freshly secured funding will reportedly be channeled towards marketing, hiring and product development, to reel in additional customers into the sector. Pintu chief operating officer Andrew Adjiputro revealed that there are a few elements that distinguish Pintu from other local crypto exchanges like Indodax and Tokocrypto, being Pintu’s primary concentration is on the mass market to cater to primarily first-time crypto users.

Adjiputro further claimed that crypto, in the eyes of numerous Indo-based retail traders, is an alternative investment asset class, with the majority of the investors’ age falling between the 20 and 35 gaps. 

“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 reportedly remarked.