Indonesia’s Tech Giant GoTo Acquires A Crypto Platform For $8.4 Million

PT GoTo Gojek Tokopedia (GoTo), one of Indonesia’s tech behemoths, is said to have acquired local cryptocurrency exchange PT Kripto Maksima Koin for 124.84 billion rupiahs ($8.4 million). According to the company, the arrangement aligns with its goal of becoming “a diverse money management hub.”

According to Reuters, GoTo, Indonesia’s largest technology firm, has purchased 100% of the shares of cryptocurrency exchange PT Kripto Maksima Koin for roughly $8.5 million.

The firm, which raised $1.1 billion in an initial public offering a few months ago, believes blockchain technology will play a critical role in the “future of finance.” Despite the agreement, GoTo has not revealed any additional plans. PT Kripto Maksima Koin is one of 25 cryptocurrency platforms approved by Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti).

GoTo is hardly the first instance of crypto interest. Binance, the world’s largest cryptocurrency exchange, announced its ambition to partner with Indonesia’s richest family, the Hartono, by the end of 2021. Their shared ambition was to launch a digital asset business in the country.

Binance then increased its presence in Indonesia by working with MDI Ventures a few days later. The latter is a multi-stage venture capital firm supported by Telkom Indonesia (the country’s largest telecom operator). Binance’s CEO Changpeng Zhao said at the time:

“We are thrilled to name MDI as our latest partner in the region. With their depth of experience in the market, we are confident that we will deliver leading products for users locally.”

Cryptocurrencies gained popularity in Southeast Asia’s largest economy, with total crypto-asset trading volumes in 2021 increasing by more than 1,000% to 859.4 trillion rupiahs ($57.70 billion) compared with a year earlier. Not only Indonesia but Asia is also very developed in terms of the cryptocurrency industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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