Indonesian tech company PT GoTo Gojek Tokopedia Tbk (GoTo) bought PT Kripto Maksima Koin, a local cryptocurrency exchange, in a bid to diversify its assets. The agreement marks a milestone in the fusion of the traditional world and the crypto sector in the fourth most populous country in the world.
As reported by Reuters, the amount of the acquisition of 100% of the shares by the “largest technology company” in the country amounts to 124,840 million rupees (USD 8.38 million). The deal was closed on Thursday, according to Indonesian media.
GoTo did not reveal any specific plans for the further development of PT Kripto Maksima Koin, but in an official statement, its representatives explained the deal as part of its push for “a diverse money management hub.”
PT Kripto Maksima Koin is one of the 25 cryptocurrency platforms authorized by the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI). It received the license relatively recently, on January 28, 2022.
Earlier this year, GoTo, which is the result of a merger between a local e-commerce leader and an on-demand multi-service platform, made its initial public offering (IPO), raising $1.1 billion.
According to Reuters data, in 2021, the total transaction volume of crypto assets in Indonesia increased by more than 1,000% compared to 2020, reaching 859.4 trillion rupees ($57.7 billion). About 4% of the country’s population, which is just under 11 million people, have been investing in cryptocurrencies.
In recent years, the country has seen a rising tide of celebrity coins and non-fungible token (NFT) projects, in which regulators have had to intervene, albeit somewhat gently. The BAPPEBTI has repeatedly warned the population about the risks of investing in unregistered digital assets, but has also avoided harsh prosecutions, even involving unregistered providers in a dialogue.
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