What Is Pintu Token (PTU)?

Pintu Token (PTU) is the token that powers the Pintu ecosystem, a mobile app that allows for cryptocurrency trading, transactions, and storage. The currency intends to reward Pintu platform users loyal to the platform and encourage new members to join the growing ecosystem. 

According to the whitepaper, Pintu is Indonesia's only mobile app that aims to allow users to buy crypto assets using conventional currency. Pintu envisions to channelize the enormous retail community into the crypto ecosystem. Pintu users may trade with 0% commissions using a variety of partner connections that allow them to trade directly from their bank accounts or digital wallets.

Despite the growing popularity of cryptocurrency, the Indonesian retail market is still underserved. In order to attain mainstream market penetration and onboard a new class of budding crypto enthusiasts in Indonesia, the whitepaper seeks to emphasize the necessity for a streamlined and frictionless platform. Given this, Pintu aims to identify itself as an Indonesian crypto operator that is secure, compliant, and dependable. 

As mentioned in the whitepaper, Pintu stresses the importance of asset custody and security for all its users. By utilizing industry-leading multisignature custody technologies, the network seeks to provide institutional-grade protection to its clients. Multisignature wallets are cryptocurrency wallets that require two or more private keys to sign and send a transaction, thereby making it more secure.

PTU is the native cryptocurrency of the platform that runs on the Ethereum blockchain. With PTU, users can improve their experience and receive access to incentives such as staking and loyalty awards. Pintu plans to acquire and burn PTU tokens equal to 0.01%–0.03% of the aggregate trading value across all assets on its platform monthly. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burned to reduce availability and increase market value. Subsequently, PTU holders can start staking PTU on the Pintu app in 2022 to obtain various incentives and benefits.

History of Pintu Token (PTU)

Pintu's founder and CEO is Jeth Soetoyo. Soetoyo is a Harvard Business School alumnus who previously worked at ConsenSys, a Brooklyn-based blockchain venture lab and solutions organization. Pintu's chief technology officer is Albert Widiatmoko, and its chief operating officer is Andrew Adjiputro. The platform was released on November 25, 2021. 

The network plans to acquire funding for expansion by selling 3% of the total token supply to crucial buyers in a private sale. Furthermore, 1.3% of the entire supply is set aside for public token sales to users and the global crypto community. PTU Technologies released the updated version of the whitepaper on November 16, 2021, which mentions a maximum total supply of 300 million PTUs.