Indonesian Tech Firm GoTo Acquires Local Crypto Exchange For $8.4M

GoTo Gojek Tokopedia Tbk announced Monday that it had acquired PT Kripto Maksima Koin, a local cryptocurrency exchange, to diversify its services.

GoTo notified Indonesia Stock Exchange Monday that it had acquired 100% shares in PT Kripto Maksima Koin at 124.84 trillion rupiahs ($8.38million).

GoTo is An Indonesian holding company offering mobility, food delivery and logistics as well as financial technology solutions. The company mentioned that the deal was part of its goal to become “a diverse money management hub”.

“We believe that blockchain technology may play a mainstream role in the future of finance,” GoTo stated on Monday.

The tech company didn’t reveal any further plans for the newly acquired entity.

PT Kripto Maksima Koin is among the 25 crypto exchanges that have been awarded licenses by Indonesia’s Commodity Futures Trading Regulatory Agency, known as Bappebti.

In April this year, GoTo raised $1.5 billion in IPO to become Indonesia’s fourth most-valuable company at a $28B valuation. The firm took advantage of Indonesia’s IPO listing rules which have led to record venture funding for Indonesia startups for the $70 billion digital market of Southeast Asia’s largest economy.

Gojek, an app that allows you to order food, transport, shop, and hyper-local delivery. It was launched in 2010. It is Indonesia’s first and fastest-growing decacorn building an on-demand empire across Southeast Asia.

Bitcoin Opportunity in Indonesia

The acquisition by GoTo followed Binance’s move to acquire a controlling stake in the Indonesian-based crypto exchange, Tokocrypto in May 2020.

Binance said that Tokocrypto would be able to launch new products and services, and expand its reach across Indonesia during the time that Binance was there.

With over 270 million inhabitants, Indonesia is fourth in terms of population. It has enormous potential, which is why Binance was attracted to the deal.

Binance appears to be targeting countries with higher populations for its expansion. Binance was founded in November 2019. acquired the Indian cryptocurrency exchange WazirX Over 1 billion people are served by the company. Binance claimed it doesn’t own WazirX, even though it stated this in early March.

Because of its large population and regulatory system, Indonesia is a top-ranked country in the cryptocurrency market. This has allowed for a wide range of opportunities for blockchain and crypto development. There is a lot of growth potential.

Source: Shutterstock



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