Indonesian IT Giant Acquires Local Crypto Exchange For $8.38 Million

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

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

Reuters reported that the country’s “largest technology company” paid a total of 124.84 billion rupees ($8.38 million) for 100% of the company’s shares. Indonesian news agencies reported that the agreement was signed on Thursday.

Growing interest in the crypto sector

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

To date, the Commodity Futures Trading Regulatory Agency (my babyIn Indonesia, it issued licenses to 25 different cryptocurrency exchanges, one of which is PT Kripto Maksima Koin. Its license was granted on January 28, 2022, and is therefore a relatively new property.

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

In 2021, the total volume of transactions for crypto assets in Indonesia increased by nearly 1,000% to 859.4 trillion rupiah ($57.7 billion), according to data from Reuters. Furthermore, approximately 4% of the population, or just under 11 million individuals, invest in cryptocurrencies.

BAPPEBTI avoided punitive penalties, including for providers not registered in the discussion, while constantly warning the public about the risks associated with investing in unregulated digital assets.

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