Indonesian e-commerce giant buys local crypto exchange for $8 million

By acquiring PT Kripto Maksima Koin, the tech giant pursues a goal to become “a diverse money management hub.”

Indonesian tech company PT GoTo Gojek Tokopedia Tbk (GoTo) bought PT Kripto Maksima Koin, a local crypto exchange, in a bid to diversify its assets. The deal makes a landmark in the merging of mainstream and crypto in the fourth most populated country in the world.

As reported by Reuters, the sum of the acquisition of 100% shares by the country’s “biggest tech firm” came to 124.84 billion rupiahs ($8.38 million). The deal was finalized on Aug. 25, according to Indonesian media.

GoTo didn’t reveal any specific plans for PT Kripto Maksima Koin’s further development, but in an official statement, its representatives explained a deal as part of its effort to “a diverse money management hub.”

PT Kripto Maksima Koin is one of the 25 crypto platforms licensed by Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI). It received the license relatively recently, on Jan. 28, 2022.

Earlier this year, GoTo, which had been formed as a result of a merge between a local e-commerce leader and an on-demand multi-service platform, conducted its initial public offering (IPO), raising $1.1 billion.

According to Reuters data, in 2021 total transaction volume of the crypto assets in Indonesia rose more than 1,000% compared to 2020, to 859.4 trillion rupiahs ($57.7 billion). Roughly 4% of the country’s population, which is a little under 11 million people, have been investing in crypto.

In recent years, the country saw a rising tide of celebrity coins and non-fungible token (NFT) projects, with regulators’ having to weigh in in a mild manner — BAPPEBTI has been repeatedly warning the population about the risks of investing in non-registered digital assets, but at the same time, it got along without harsh prosecution, involving even the non-registered providers in a dialogue.