Indonesia's largest tech firm GoTo Gojek Tokepedia Tbk (GoTo), has acquired local Bitcoin and crypto exchange PT Kripto Maksima Koin, as reported by Reuters.
GoTo acquired full ownership of Kripto Maksima Koin by purchasing 100% of its shares for 124.85 billion Rupiah ($8.38 million). Apart from this announcement, it is yet to disclose any plans for the newly acquired exchange.
The move will see the tech firm enter the Bitcoin and cryptocurrency market in South East Asia's biggest economy. The company says this development is part of its vision to become “a diverse money management hub.”
We believe that blockchain technology may play a mainstream role in the future of finance.
GoTo's acquisition of Kripto Maksima Koin comes at a time when the Bitcoin and cryptocurrency market's popularity and adoption in Indonesia is quickly growing. Kripto Maksima Koin is one of 25 institutions licensed to operate by Indonesia's Commodity Futures Trading Regulatory Agency, known locally as Bappebti.
Earlier this month, Bappeti halted further approvals of licenses and banned the “marketing, promoting, and advertising” or issuance of digital assets not approved by the country's Financial Services Authority. It cited the desire to provide “transparent, efficient, and effective trading activities” as the reason behind this decision.
GoTo is Indonesia's biggest tech firm. It formed in May 2021 from the merger of two of the country's most valuable startups, ride-share firm Gojek and e-commerce firm Tokopedia. At the time of its completion, the deal was valued at over $18 billion, making it Indonesia's largest ever business deal.
Today, GoTo has a market cap of over $25 billion and reportedly accounts for 2% of Indonesia's $1 trillion GDP. The tech firm hopes to keep growing to eventually contribute 5-10% of the GDP.