GoTo Confims Acquisition Of Crypto Platform for $8.4M
- GoTo Gojek Tokopedia, commonly known as GoTo, has recently acquired an Indonesian crypto exchange platform, PT Kripto Maksima Koin.
- The deal, which was reportedly worth 124.84 billion rupiahs ($8.4 million), aligns with GoTo’s plans to become “a diverse money management hub.”
2021-founded Indonesian technology company PT GoTo Gojek Tokopedia, commonly known as GoTo, has recently acquired a local crypto exchange platform PT Kripto Maksima Koin. The deal, which was reportedly worth 124.84 billion rupiahs ($8.4 million), aligns with GoTo’s plans to become “a diverse money management hub.”
A recent report by Reuters reveals that the biggest tech firm in the country, GoTo, has purchased all the shares of PT Kripto Maksima Koin for around $8.5 million.
The Commodity Futures Trading Regulatory Agency of Indonesia issued licenses to 25 cryptocurrency platforms, including PT Kripto Maksima Koin (known as Bappebti).
Blockchain technology, according to GoTo, which recently raised $1.1 billion in an IPO, will be essential to the “future of finance.” Despite its giant acquisition, the company did not disclose any additional intentions behind the deal.
The announcement comes shortly after Paddy Srinivasan was promoted by the company to the roles of president and chief executive officer (CEO) in recognition of his contribution as a driving force behind GoTo’s most recent transformation and platform unification. On August 10, he succeeded Mike Kohlsdorf, a board member who has been CEO since January 2022.
GoTo is not the only platform in Indonesia to spark interest in the crypto industry. The Hartono brothers, the wealthiest family in Indonesia, is also working with Binance, the largest cryptocurrency exchange in the world, which announced its plans to do so at the end of 2021. Their shared objective was to launch a national initiative for digital assets.
A couple of days later, Binance increased the scope of its operations in Indonesia by joining together with MDI Ventures, a multi-stage venture capital company supported by the country’s biggest telecommunications company Telkom Indonesia.
The cryptocurrency industry has recently gained tremendous popularity in the largest economy in Southeast Asia and the 16th largest in the world, with the entire transaction volume of crypto assets in 2021 increasing by more than 1,000% to 859.4 trillion rupiah ($57.70 billion).
Indonesia and Brazil are tied for the first position in the world in terms of crypto adoption, according to a Gemini report. The strong numbers are obtained despite the animosity that some Islamic organizations have shown towards the sector. The National Ulema Council (MUI) recommended that crypto use be outlawed in November of last year, citing Shariya law.
The Tarjih Council and the Central Executive Tajdid of Muhammadiyah issued a similar warning at the beginning of 2022, describing cryptocurrency as “haram” (forbidden by God). The Bank of Indonesia opposes the asset class as well. It promised to “fight” digital assets that allegedly damage the nation’s financial system by introducing a Blockchain-powered central bank digital currency (CBDC) some months ago.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
