Indonesian Tech company GoTo in a recent deal buys local crypto exchange PT Kripto Maksima Koin for $ 8 million in order to pursue a goal to become “a diverse money management hub.”
In an effort to diversify its holdings, the Indonesian tech company PT GoTo Gojek Tokopedia Tbk (GoTo) purchased the local cryptocurrency exchange PT Kripto Maksima Koin. In the fourth most populous nation in the world, the deal represents a turning point in the fusion of traditional finance and cryptocurrencies.
According to Reuters, the “largest tech corporation” in the nation paid 124.84 billion rupiahs ($8.38 million) to purchase 100% of the shares. According to Indonesian media, the agreement was signed on August 25.
GoTo declined to provide any particular intentions for the future of PT Kripto Maksima Koin, but in a formal statement, its representatives described the agreement as a step toward creating “a varied money management hub.”
One of the 25 cryptocurrency exchanges granted a license by Indonesia’s Commodity Futures Trading Regulatory Agency is PT Kripto Maksima Koin (BAPPEBTI). On January 28, 2022, it only recently obtained the license.
GoTo, which was created by the merger of a local e-commerce giant and an on-demand multi-service platform, held its initial public offering (IPO) earlier this year and raised $1.1 billion.
Reuters data shows that the overall amount of cryptocurrency transactions in Indonesia increased by more than 1,000% in 2021 compared to 2020, reaching 859.4 trillion rupiahs ($57.7 billion). A little under 11 million people, or about 4% of the population, have been investing in cryptocurrencies.
Celebrity coins and non-fungible token (NFT) projects have increased in popularity in recent years, forcing regulators to moderate their response. BAPPEBTI has repeatedly warned the public about the dangers of investing in unregistered digital assets, but it has also managed to avoid harsh punishment by engaging even unregistered providers in a dialogue.
