Indonesian IT Giant Acquires Local Crypto Exchange For $8.38M

• There was no mention of future intentions for PT Kripto Maksima Koin.
• The license to PT Kripto Maksima Koin was granted on January 28, 2022.

PT GoTo Gojek Tokopedia Tbk (GoTo), an Indonesian technology firm, has acquired a local cryptocurrency exchange known as PT Kripto Maksima Koin. This agreement is a watershed moment for the integration of the conventional sector and cryptocurrency in the world’s fourth most populous nation.

Reuters reports that the “biggest tech firm” in the nation paid a total of 124.84 billion rupiahs ($8.38 million) for 100% of the company’s shares. Indonesian news outlets report that the agreement was signed on Thursday.

Rising Interest in Crypto Sector

There was no mention of future intentions for PT Kripto Maksima Koin in GoTo’s official announcement, but the company did describe the transaction as part of its mission to become “a diverse money management hub.”

To date, the Commodity Futures Trading Regulatory Agency (BAPPEBTI) in Indonesia has issued licenses to 25 different cryptocurrency exchanges, one of which is PT Kripto Maksima Koin. The license was granted to it on January 28, 2022, therefore it is a relatively new possession.

Earlier this year, GoTo, the combined product of a local e-commerce giant and an on-demand multi-service platform, had its initial public offering (IPO), bringing in $1.1 billion.

In 2021, the total transaction volume of crypto assets in Indonesia increased by almost 1,000% to 859.4 trillion rupiahs ($57.7 billion), according to data from Reuters. Moreover, roughly 4% of the population, or little under 11 million individuals, have been investing in cryptocurrency.

BAPPEBTI has avoided punitive punishments, including the non-registered providers in a discussion, while constantly warning the public about the hazards associated with investing in digital assets that are not regulated.

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