The fundraising round, headed by Lightspeed India, garnered $ 35 million for PintuID, Indonesia’s crypto investing platform centred on mobile phones.
The Boom of Crypto Wallets
Cryptocurrencies are moving from speculative trading assets to institutional-class assets, Lightspeed added, as seen by the Series A1 investment rounds.
Like every other crypto wallet on your mobile phone, PintuID operates similarly. Market trends allow you to purchase, sell and bid on numerous coins.
About 33 million young crypto users in Indonesia and more than 55 million people own an electronic wallet (eWallet). As interest in cryptocurrencies has grown since last year, PintuID, the region’s strongest market brand and most significant user experience seeks to grab this burgeoning market with this investment.
Markets Growing Since Summer
Cryptocurrency markets are booming compared to last summer, and many new currencies will be released in the following months. Recently, Bitcoin achieved a high of nearly $64,000. Following this, the stock market collapsed, wiping off billions of individuals in a few weeks. “Bullan” has returned to the market if crypto fans can believe it. Lightspeed has invested in over 15 firms because they feel that cryptocurrencies are the future.
Crypto in India
A majority of other cryptocurrency firms have emerged in India, such as Coinswitch Kuber. Tiger Global contributed 25 million dollars to the fund earlier this year. In mid-May, the market value of $ 10 billion also attracted national investors to polygon, India’s cryptocurrency. Because of worries over technology, the nation is also considering digital rupees.
However, Coinbase, the largest cryptocurrency platform in the US, was published this year. The emergence of systems like PintuID has made it simpler for marketplaces that are still keeping up with trends.
Platform PintuID raises $ 35 million from Lightspeed India.