Indonesia's Tech Firm GoTo Buys Local Crypto Exchange For $8.4 Million

Indonesia's biggest tech firm PT GoTo Gojek Tokopedia Tbk (GoTo) entered crypto business by acquiring local crypto exchange PT Kripto Maksima Koin.
CryptocurrencyReutersUpdated: September 02, 2022 10:25 am IST

Indonesia's tech firm GoTo buys local crypto exchange for $8.4 million
Indonesia's biggest tech firm PT GoTo Gojek Tokopedia Tbk (GoTo) entered cryptocurrency business by acquiring local crypto exchange PT Kripto Maksima Koin in a bid to diversify its services, GoTo said in a statement.
GoTo acquired 100 per cent shares of PT Kripto Maksima Koin for 124.84 billion rupiah ($8.38 million), it said in the statement to stock exchange regulator on Monday.
The tech firm, which raised $1.1 billion in an IPO earlier this year, said in a statement to Reuters 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 said in the statement late Monday.
The tech firm, however, did not disclose further plans for the newly acquired entity.
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PT Kripto Maksima Koin is among the 25 crypto exchanges that have been granted licenses by the Indonesia's Commodity Futures Trading Regulatory Agency, known as Bappebti.
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Cryptocurrency has gained its popularity in the Southeast Asia's biggest economy with total transaction volume of the crypto assets in 2021 up more than 1,000% at 859.4 trillion rupiah ($57.70 billion) compared to a year earlier, according to the agency's data.

($1 = 14,895.0000 rupiah)