years ago saw a huge funding boom for Southeast Asian consumer investment apps and if The doorToday’s funding announcement is just what needs to be done, which looks set to continue. Applications focused on cryptocurrency have generated $ 113 million Series B from Intudo Ventures, Lightspeed, Northstart Group and Pantera Capital.
Launched in April 2020, Pintu describes itself as “Indonesia’s leading homegrown crypto asset platform.” This is the third funding started in less than a year. The first one is a $ 6 million Series A announced in May 2021and the second there was $ 35 million in Series A + funding just two months later. At the time, Doors chief operating officer Andrew Adjiputro told TechCrunch that upgrading to A + instead of moving to Series B because the focus on product development and execution remained the same.
Now 10 months later, Doors Chief Marketing Officer Timothius Martin tells TechCrunch that it has added more tokens, making a total of 66 more available, with more being added each month. The app also adds integration of additional payment channels; Door Staking, which allows users to create Door Tokens; and Door Earnings, a product that allows them to earn up to 15% annual percentage yield (APY) on selected crypto assets that are paid hourly with no lock time. Users can top-up or cancel the Earn wallet at any time.
According to data from the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti), the number of crypto investors in Indonesia has doubled in the past year to more than 12 million traders, compared to 7 million domestic public equity investors. But because crypto asset ownership still only has a 4% penetration rate among the population, the Doors team notes that there is plenty of room to grow. The doors are registered and licensed by Bappepti.
The app is aimed at first -time cryptocurrency investors, particularly Gen Z and millennials with features like Doors Academy, an educational program. This allows him to invest in Bitcoin, Ethereum and other cryptocurrencies. It now says that more than four million people have installed the app, up from 500,000 in May 2021. The app also has a community with a total of 790,000 members on Telegram, Discord, Instagram and TikTok.
The company will use the latest funding, which generates a total of approximately $ 156 million, to add more tokens and supported blocks and new products. It plans to expand the Door Academy program to, as it puts it, “help traders understand the opportunities and risks of crypto investing and promote healthier and more sustainable trading practices.” It will also do additional recruitment, having doubled the team to 200 in 2021.
The pandemic sparked interest in retail investment last year, and when the pandemic subsided, Martin said “we see the market now more mature than last year. Users began to make investment decisions based on crypto asset use cases. For example, gaming is a big thing in Indonesia with more than 100 million players in the country.This has led to significant growth in gaming and crypto assets related to the metaverse, as many believe that the project contributes to the future of gaming.
In a prepared statement, Lightspeed partner Hemant Mohapatra said, “We are excited to continue our journey with Door and welcome new Northstar Group partners. Since our investment in August last year, Door has scaled 5x to become the country’s leading retail focused crypto broker, and hire one of the most powerful teams we’ve seen in this market.The crypto wave is entering the global mainstream adoption and Doors is building next generation companies in this category.