As a result of its acquisition of PT Kripto Maksima Koin, the tech giant seeks to become “a diverse money management hub.”
An Indonesian tech company PT GoTo Gojek Tokopedia Tbk (GoTo) has acquired a local crypto exchange, PT Kripto Maksima Koin, in an effort to diversify its assets. It marks a milestone in the merging of mainstream and crypto in the world’s fourth most populous country. Besides on-demand transportation, GoTo offers e-commerce, food and grocery delivery, and financial services.
As reported by Reuters, the country’s “biggest tech firm” acquired 100% shares for 124.84 billion rupiahs ($8.38 million). Indonesian media reported that the deal was finalized on Aug. 25.
The company did not reveal any specific plans for PT Kripto Maksima Koin’s future, but said it was part of an effort to create ”a diverse money management hub.”
As one of the 25 crypto platforms licensed by Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI), PT Kripto Maksima Koin received the license recently, on Jan. 28, 2022.
GoTo, a company formed by merging a local e-commerce leader with an on-demand multi-service platform, raised $1.1 billion in its initial public offering, IPO earlier this year.
As reported by Reuters, the total transaction volume of crypto assets in Indonesia grew more than 1,000% in 2021, in comparison to 859.4 trillion rupiahs ($57.7 billion) in 2020. A little under 11 million people, or 4% of the country’s population, have invested in crypto.
The country has seen a rise in celebrity coins and non-fungible tokens (NFTs) projects in recent years, with regulators having to exert moderate oversight, BAPPEBTI has repeatedly warned the population about the risks of investing in digital assets that are not registered, but at the same time it got along without harsh prosecution, engaging even non-registered providers in a dialogue. According to a TechinAsia report, BAPPEBTI, which regulates crypto trading, ceased issuing registration certificates for crypto asset traders earlier this month.