Coinbase's investment arm, Coinbase Ventures, has reportedly joined a $6 million funding round for Indonesian cryptocurrency exchange Pintu. According to a local news media, the exchange also raised funds from Pantera Capital, Intudo Ventures, Alameda Ventures, Spartan Group, and a number of angel investors.
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The exchange will use the raised funds for brand awareness, expanding the team, and developing new features. As of press time, Pintu has not officially confirmed the investment.
Investments in Pintu come after Bank Indonesia (BI) Governor, Perry Warjiyo, said that the country plans to launch its own central bank digital currency (CBDC) as the country faces a digital payments boom during the COVID-19 pandemic. According to the watchdog data, transaction frequency of digital banking in Indonesia increased by 60.3% to more than 570 million times in April.
Earlier this year, the Bahrain-based cryptocurrency exchange Rain also raised $6 million in the Series A funding round led by Coinbase, Middle East Venture Partners (MEVP) and others.
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