PintuID, a crypto investment platform from Indonesia that focuses on mobile phones, has raised $35Mn in a funding round led by Lightspeed India.

The Series A1 funding round is a signal that cryptocurrencies are shifting, becoming more than speculative trading assets and entering the realm of institutional class asset, said Lighspeed.

PintuID works as just any other crypto wallet you might already have on your phone-allowing you to buy, sell and place bids for different coins while also keeping an eye on market trends.

Indonesia has 33 million young crypto users, and over 55 million e-wallet holders. With this investment, PintuID, a company that boasts to have the strongest market brand as well as the best user experience in the region, is looking to capture this growing market, especially since interest in cryptocurrencies has been on the rise since last year.

The cryptocurrency market, which is not for the weak of heart, has been on a staggering growth trajectory compared to the summer of last year, with many new coins surfacing in the span of a few months. Just about a couple months ago, Bitcoin reached its maximum value, trading at over $64,000. However, this was followed by a massive crash in the market, which saw billions disappear from it in a matter of weeks.

Now, the market is back up and if crypto enthusiasts are to be believed, the ‘bull run’ has begun again.

Lightspeed believes that cryptocurrencies are the way of the future, and has invested in over 15 companies in the sector.

India has also been seeing a lot of new companies in the crypto sphere, including the likes of Coinswitch Kuber, which raised $25Mn from Tiger Global earlier this year. Moreover, Polygon, India’s own cryptocurrency, crossed the $10Bn market cap in mid May, fueling the interest of the country’s investors. The country is also pondering the idea of a digital rupee, as RBI continues to insist that it has concerns regarding the technology.
However, it seems like the world is opening up to crypto, with Coinbase, the biggest cryptocurrency platform in US, having gone public this year. Thus, with the emergence of platforms like PintuID, markets that are still catching up to the trend can have an easier time.