Going Global

In light of mass crypto adoption across the US over the last few years, the growth of crypto outside of North America has gone unnoticed. Gemini’s most recent report on the Global State of Crypto found nine countries scattered around the world, including Indonesia, Brazil, Mexico, and South Africa, whose crypto adoption by population drastically outpaces the United States.

Driving factors among emerging markets go beyond the investment case for crypto. Many countries view crypto as an alternative to inflation-prone currencies, a cheaper cross-border payment channel, and a viable financial system for underbanked populations. The most vital technologies for emerging international crypto markets are the exchange and wallet platforms that will onboard first-time and retail users into the crypto ecosystem.

Why we’re investing in Pintu

We’re thrilled to be doubling down on our investment in Pintu, Indonesia’s leading cryptocurrency exchange and assets platform. Indonesia is among the most dominant countries in the Asian crypto market with a forward-thinking regulatory environment and a fast-growing, digitally-native population. 12 million people in Indonesia actively invest in crypto, while only 7 million Indonesians are invested in domestic stocks.

For many Indonesians, crypto (and therefore Pintu) is their first introduction to investing. For them, the global, transparent, real-time nature of blockchain isn’t an innovation — it’s a presumption that puts legacy finance squarely in the rearview mirror. Indonesia is also one of only two countries globally where more women (51%) own crypto assets than men, per Gemini’s Global State of Crypto 2022 report.

We’re confident that Pintu’s user-friendly, education-focused exchange will be the first choice for the next generation of crypto users coming from the fourth-largest country in the world, with over 270 million people.

Why we’re excited

Indonesia represents one of the most high-impact markets for crypto asset ownership, currently at 4% market penetration. Two-thirds of the country’s population is unbanked. The Indonesian rupiah has depreciated 50 percent over the last decade. Meanwhile, the national government has taken crypto adoption in stride with clear standards issued by the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI), the regulatory agency overseeing crypto trading. With a whitelist of over 200 different crypto assets and regulatory support for exchanges like Pintu to provide secure access, Indonesia has the motivation and momentum to rapidly bring the benefits of blockchain to its citizens.

Pintu caters to the 99 percent of Indonesian users who aren’t professional traders by supporting 50+ of the most popular cryptocurrencies and a product suite designed for first-time crypto users. Instant integration with Indonesian financial institutions and a slick, simple interface have driven installations of Pintu up 7x since May 2021 to 4 million users. Pintu recently introduced Pintu Earn and Pintu Staking to bring turnkey DeFi access to Indonesian crypto users, helping users earn up to 15% APY on their crypto assets.

 

To meet the needs of Indonesia’s crypto-curious, Pintu Academy provides an in-depth education on the technology behind crypto and blockchain, the fundamentals behind crypto trading, and strategies to manage risk and invest sustainably. Workshops and joint initiatives alongside the Indonesian government have made Pintu one of the most recognizable crypto companies in the country.

Partnering for the long term

Since leading Pintu’s Series A, we’ve worked closely with Jeth Soetoyo, CEO and Founder of Pintu, to further the company’s mission to provide crypto access across Indonesia. Now that Pintu has expanded to over 200 people, it’s been remarkable to see the entire team carry forth a deep passion and conviction about the future of crypto in Indonesia.

We’re proud to be working alongside Lightspeed Ventures, Intudo Ventures, and Northstar Group to continue elevating Pintu’s mission in Indonesia and beyond in their Series B round. The team is hiring across Engineering, Marketing, Compliance and Talent roles.

Explore open roles at Pintu here and opportunities across the entire Pantera network here.