Foreign exchanges that operate locally in Indonesia are often doing so without the necessary legal compliances. Third, we believe that crypto exchanges such as Pintu that are compliant with local laws and regulations and plugged into the local banking ecosystem will have a key advantage over international players over time. All of this growth has come organically with minimal marketing spend so far. Since inception, Pintu app downloads have grown by 70% month over month and the transaction volumes grown by 80% month over month. Pintu has built the best brand and the most user-friendly app for the retail, new-to-investing user segment in Indonesia, and the growth it has seen since launch has all the makings of a player that will come to dominate the region. Coinbase (US) Binance (CN) BitSo (MEX) Upbit (S. Second, each local market has a dominant exchange - e.g. We expect markets in SEA/India to follow suit as global crypto users grow from 5 million in 2016 to 100+ million in 2020 - still at just 2.7% of bank account holders globally. In the US, crypto has transitioned from retail-led speculative trading to an institutional asset class. Our investment in Pintu is based on our global crypto thesis that is playing out in Indonesia and other parts of the world.įirst and foremost, we believe that Crypto is at an inflection point.
As a result, the Pintu team has survived some challenging regulatory and market uncertainties: an important rite-of-passage in crypto. Pintu was founded during the early 2020 crypto lull. As a fund, we have seen several crypto bull and bear markets and we really gravitate towards teams that have stuck to their long term belief in the potential of crypto through all the ups and downs that are common in this evolving ecosystem. In Pintu, we found one of the strongest technology, business, and product teams we’ve ever seen in the region. Lightspeed is a long-term venture investor with a horizon of 10+ years and we invest in teams first. Our investment in Pintu furthers our commitment both to the crypto ecosystem as well as to the APAC region from where some of the best crypto entrepreneurs are emerging. Over the years, Lightspeed has invested in over 50+ crypto / blockchain companies across the world, including the likes of FTX, Wintermute, Zerion, DeversiFi, and.
LIGHTSPEED BROKER SERIES
Today, we are honored to announce a $35M series A1 investment in Pintu - a mobile-first crypto investment platform focused on the millennial, new to investing user segment in Indonesia. Andrew Adjiputro (COO) | Albert Widiatmoko (VP Engineering) | Jeth Soetoyo (CEO) | Anthony Thio (CPO)
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