- GoTo purchased PT Kripto Maksima Koin by acquiring 100% of available shares.
- The tech giant paid about $8.38 million for the acquisition to become a money management firm.
- GoTo reportedly accounts for 2% of Indonesia’s total GDP.
The biggest technology firm in Indonesia, GoTo Gojek Tokopedia Tbk (GoTo), entered the Bitcoin and cryptocurrency space by acquiring local exchange PT Kripto Maksima Koin, per a report from Reuters.
GoTo acquired ownership of the exchange by purchasing 100% of available shares for 124.84 billion rupiah ($8.38 million). The tech firm reportedly stated the acquisition was part of a larger objective to become “a diverse money management hub.”
“We believe that blockchain technology may play a mainstream role in the future of finance,” GoTo said, per the report.
PT is among a select few 25 institutions which have been granted licenses from Indonesia’s Commodity Futures Trading Regulatory Agency, known as Bappebti. However, the regulatory authority halted further approvals earlier this month citing the goal of providing “transparent, efficient and effective trading activities.”
GoTo formed when Indonesian ride-share firm Gojek merged with local e-commerce player Tokopedia in the country’s largest business deal ever, valued over $18 billion at the time. Since then, GoTo reportedly accounts for 2% of Indonesia’s GDP of $1 trillion, and hopes to eventually contribute 5-10%.