Tag: defi

Indonesian Crypto Exchange Pintu Raises $113 Million in Series B Funding

Indonesian cryptocurrency exchange, Pintu has raised $113 million (roughly Rs. 878 crore) in its Series B funding round. Intudo Ventures, Pantera Capital, and Northstar Group all participated in the funding round with previous investor Lightspeed Venture Partners also participating in the round. With the new infusion of capital, the start-up says it plans to launch new features and products as it looks to continue its growth. The firm also plans to invest in the Pintu Academy educational programme to help investors improve their knowledge of crypto, better understand the risks of investing in crypto assets and carry out healthy and sustainable trading and investment practices.

Licensed by the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade, Pintu caters to Indonesian crypto investors dealing in popular cryptocurrencies, including Bitcoin and Ether.

Bappepti previously highlighted the doubling in the number of Indonesian crypto investors in 2021-2022, to which Jeth Soetoyo, Founder and CEO of Pintu, told TechCrunch, “We believe that crypto adoption in Indonesia is only in its beginning stages, and educating users on the fundamentals is critical to ensuring this growth continues in a healthy way.”

Pintu was launched in April 2020 and is one of the top three Indonesian crypto exchanges, according to Soetoyo. The firm doesn’t publicly disclose its trading volumes. Its local rivals include Indodax and Tokocrypto.

With fresh capital in hand, Pintu mention in an interview by The Block that the firm plans to keep growing in Indonesia, the world’s fourth most populous nation, and offer access to new products and services such as decentralised finance (DeFi) and non-fungible tokens (NFTs). “We need to cement our position in the market. I think pretty much that’s where our focus is going into,” said Soetoyo.

To that end, Pintu also plans to double its current headcount of around 200 people in the next two years across various functions, said Soetoyo.

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Robinhood Launches New Non-Custodial Web 3 Wallet to Rival MetaMask, Coinbase

US-based stock trading and investing major Robinhood has announced that the company is building a non-custodial wallet that will allow its customers to have total control of their crypto in Web 3. Robinhood said that this new multichain Web 3 wallet will launch as a standalone app. Customers will be able to hold the keys for their own crypto and access decentralised apps (dApps) to trade and swap crypto with no network fees, store non-fungible tokens (NFTs) and connect to NFT marketplaces, earn yield using their assets, and access a variety of crypto assets.

“At Robinhood, we believe that crypto is more than just an asset class. By offering the same low cost and great design that people have come to expect from Robinhood, our Web 3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer,” Vlad Tenev, the co-founder and CEO of Robinhood, commented in a press release+Announces+Non-Custodial+Wallet/20090869.html) announcing the new wallet.

For now, Robinhood customers can join this non-custodial wallet by signing up for its waitlist. Its Beta program will be available later this summer, and Robinhood noted that the wallet is set to be deployed fully by the end of the year.

Robinhood has been trying its best over the past couple of years to be the go-to platform for crypto investors, regardless of the space, they’re interested in. In 2018 the project launched cryptocurrency trading, but without the ability to transfer tokens to external wallets. In 2021, the project unveiled plans to enable external withdrawals, a move that would allow users to on-ramp into the decentralised finance (DeFi) ecosystem through Robinhood.

With its new wallet, the company is leaning further into crypto and will be competing with existing non-custodial wallets. Previously, people would need to transfer their assets out of Robinhood to a wallet like Metamask in order to access DeFi. Now, people will be able to stay within the Robinhood ecosystem with more freedom in terms of crypto interaction.

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