The Indonesia exchange Pintu raised $113 million to expand in Southeast Asia with investors being bullish on the startup and the founder despite the current bear market. We take a closer look today at our cryptocurrency news.

Overcoming the recent headwinds in the market, Indonesia exchange Pintu announced they raised $110 million in Series B funding from Pantera Capital, Northstar Group, and Intudo Ventures. Pintu said that it will use the newly raised funds to develop the product offerings and to expand its educational branch Pintu Academy. With the exchange, the wallet and staking platform with its own token went from zero to four million downloads in two years as the founding partner at Intudo Eddy Chan said.

With the exchange, wallet, and staking platform with its own token, the Pintu app hit four million downloads in two years and as a VC firm, the company s strictly focused on the Indonesian market. Chan is bullish on Pintu and Indonesia’s crypto-economy despite the recent market downturn because of the long-term view. Chan said that he is a firm that believes in Pintu and its founder, Jeth Soetoyo as well as Pintu’s user-friendly interface and educational focus, believing that the app could become the Coinbase of Southeast Asia.

He is also bullish on the crypto adoption in Indonesia and said that the fiat currency inflation, the rising middle class, and the growing population are what he is optimistic about. Soetoyo had a similar view:

“Indonesia’s crypto market has demonstrated remarkable growth over the past year, fueled by regulatory encouragement and increased grassroots awareness. Crypto adoption in Indonesia is only in its beginning stages, and educating users on the fundamentals is critical to ensuring this growth continues in a healthy way.”

The interest in crypto increased in the country with the Indonesian Commodity Futures Trading Regulatory Agency reporting that the number of people who trade crypto doubled to more than 12 million in the past year.

As recently reported, The world’s leading crypto exchange Binance and MDI Ventures partnered together to expand the blockchain ecosystem in the Asian country by launching a new digital asset exchange. The trading venue has been in talks with PT Central Bank Asia controlled by the brothers Michael and Budi Hartono which is the richest family in Indonesia as well as PT Telekom Indonesia with the three parties aiming to create a blockchain venture on the island and encourage mass crypto adoption in the part of the world.