News

Largest Indonesian Tech Firm Enters the Crypto Market with Acquisition of Local Crypto Exchange

Indonesia’s largest tech firm, GoTo Gojek Tokopedia (GOTO), recently entered the crypto market following its purchase of a local crypto exchange, Kripto Maksima Koin. The deal was concluded for 124.84 billion rupiahs or $8.38 million, as we got to know from a statement to the Indonesian stock exchange regulator. The conclusion of the deal was reported this Monday.

The tech firm acquired the crypto exchange by purchasing 100% of its shares. While commenting on the acquisition, GoTo said the following.

“We believe that blockchain technology may play a mainstream role in the future of finance.”

GoTo

Kripto Maksima is among the 25 crypto stock exchanges in Indonesia. The exchange is registered with the Commodity Futures Trading Regulatory Agency in Indonesia. This information was known via Bappebti. However, it is worth noting that the agency has stopped giving out new registrations as late as early August 2022. Thus, GOTO had no other option but to buy out an existing crypto exchange platform. The official reason given for stopping new registrations is to make digital currency trading “transparent, efficient and effective,” as a report suggested.

A Go Jek driver in the streets of Jakarta, Indonesia

GoTo is one of the leading companies in Indonesia. It was formed as a result of a merger between ride-hailing app Gojek and the e-commerce platform Tokopedia last year. With a market cap of over $25 billion, the company contributes a staggering 2% to the Indonesian GDP which stands at $1 trillion as of August 2022.

The company is making some big ripples in the Indonesian economy. It has already raised over $1 billion within a month back in April. The company is aimed at diversifying the money management systems in Indonesia. With the purchase of a cryptocurrency exchange, GoTo is headed in that direction. It wants to contribute about 5 – 10% of the Indonesian GDP.

GoTo is yet to announce further moves with their newly acquired asset.

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image