The Indonesian cryptocurrency exchange BitCoin.co.id has announced that it has raised $6 million through a funding round led by Coinbase. The exchange plans to use the funds to launch new features such as a fiat-to-cryptocurrency exchange, a wallet, and a merchant payment service. BitCoin.co.id aims to become the largest cryptocurrency exchange in Indonesia and a leader in Southeast Asia.
With a population of over 250 million, Indonesia is the fourth most-populous country in the world. And, as with other developing countries, the high cost of living remains a major problem for Indonesians. And that’s something cryptocurrency companies are hoping to change. This week, the Indonesian-based cryptocurrency exchange, BitBay , announced a major funding round from Coinbase Ventures. The funding will help BitBay grow its customer base, while also allowing the exchange to expand its operational capabilities.
Indonesia-based cryptocurrency exchange Exrates recently received $6 million from a funding round led by Coinbase. The move is notable, given that Exrates is one of the few cryptocurrency exchanges that has managed to gain a foothold in Indonesia. This country is largely crypto-illiterate, due to sweeping cryptocurrency bans that were announced in 2018, and the lack of a clear regulatory framework for the industry. Even so, Indonesia has been a hotbed for cryptocurrency activity, and the country’s National Fintech Association estimates that there are as many as 3 million people in Indonesia who hold at least some kind of cryptocurrency.Indonesian crypto-currency exchange Pintu, which focuses on crypto-currency startups, has raised $6 million in support of its mission to promote crypto-currency adoption in the industry. On Tuesday, the company announced the closing of a Series A funding round led by major global cryptocurrency investors, including Pantera Capital, Coinbase Ventures and Intudo Ventures, Tech in Asia reported. Inventors like Alameda Ventures, Blockchain Ventures and Castle Island Ventures also participated in the round. Founded in 2020 by Jet Soetoyo, Pintu is a major cryptocurrency licensed company in Indonesia, regulated by Indonesia’s Commodity Futures Regulatory Agency, or Bappepti. The exchange is registered with Bappebti and the Ministry of Communications and Information Technology as an approved cryptocurrency broker. The company’s new resources will be spent on marketing, recruiting and product development to attract more newcomers to the industry. Pintu’s COO Andrew Ajiputro noted that Pintu is a bit different from large Indonesian crypto exchanges such as Indodax and Tokocrypto, as Pintu focuses on the mass market to reach especially novice crypto users. Ajiputro said many Indonesian retailers see cryptocurrencies as an alternative asset class, with the majority of investors between the ages of 20 and 35. The concept of investment and trade is new to most Indonesians, as penetration in these categories has been very low in the past. So we see an opportunity to help Indonesians understand the concept of investing/trade while shifting their investments to other asset classes, the COO said. As previously reported, Indonesia has maintained the legality of cryptocurrency trading despite a total ban on cryptocurrency payments in 2017. Yesterday, the country’s central bank announced its intention to create a national digital currency and make the digital rupiah legal tender in Indonesia.The cryptocurrency market has been heating up in Indonesia, with over 200,000 users signing up for exchange accounts on the largest local platform, Bitcoin.co.id, in the first two months of this year. Now, a new company called Bitcoin Indonesia has launched to serve the growing interest, announcing that it has raised $6 million in venture capital from a group of investors that includes Coinbase.. Read more about pintu crypto and let us know what you think.
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