Pintu, Indonesia's first mobile native cryptocurrency wallet and trading platform, has raised $35 million from some of blockchain'due south biggest venture funds — putting the visitor on rails to aggrandize its squad and product offerings in the nearly future.

The Series A was led by Lightspeed Venture Partners, a engineering science-focused investor with broad exposure to blockchain, fintech and data analytics. Several other high-profile venture funds also participated in the raise, including Alameda Ventures, Blockchain.com, Pantera Capital, Coinbase Ventures, Castle Island Ventures and Intudo Ventures.

With the funds, Pintu plans to hire additional talent, roll out new product offerings and fuel time to come adoption of cryptocurrency in Republic of indonesia. Jeth Soetoyo, Pintu's co-founder and CEO, said his platform will help Indonesians "overcome the barriers [to] fiscal inclusion." He farther explained the value suggestion that Republic of indonesia poses to crypto adoption:

"Every bit the 4th-about populous country in the world and with only 1-2% of Indonesians having exposure to cryptocurrencies, there is an immense opportunity for retail investors to gain admission to diversified and dynamic investment opportunities through Pintu'due south unique crypto-nugget merchandise offerings."

Indonesia'due south crypto industry is still in its nascent stage as more companies navigate a complex regulatory framework for buying and selling digital assets. The country's Article Futures Trading Regulatory Agency, besides known as BAPPEBTI, gave crypto the green light in February 2022, classifying the asset grade equally a speculative commodity. However, Bank Indonesia, the state's key banking company, maintains a strict ban on cryptocurrency payments.

Related: Indonesia's fundamental banking company marshals staff to enforce crypto payments ban

Pintu is recognized equally a licensed cryptocurrency banker under BAPPEBTI, which allows the company to serve retail investors. Currently, the banker offers sixteen cryptocurrencies, including nonfungible tokens. Republic of indonesia is home to over half dozen.6 million cryptocurrency investors, which is triple the country'southward public equity investors, according to the Ministry of Merchandise.

Every bit Cointelegraph reported, lawmakers in the state are mulling a new tax framework for cryptocurrency traders. In May of this year, a spokesperson for the Indonesian Directorate Full general of Taxes said crypto profits may soon exist classified every bit capital gains.

Related: Binance-backed Indonesian crypto commutation considers IPO