GoTo purchases PT Kripto Maksima Koin for $8 million
GoTo, an Indonesian technology company, has purchased PT Kripto Maksima Koin, a local cryptocurrency exchange, in an effort to diversify its assets.
The total cost of GoTo’s acquisition of 100% ownership was 124.84 billion rupiahs ($8.38 million).
The transaction marks a watershed moment in Indonesia’s integration of mainstream and cryptocurrency.
In 2021, the total transaction volume of crypto assets in Indonesia is expected to increase by more than 1,000% over 2020.
The Commodity Futures Trading Regulatory Agency of Indonesia has licenced 25 cryptocurrency platforms, including PT Kripto Maksima Koin.
GoTo, formed by a merger of a local e-commerce leader and an on-demand multi-service platform, raised $1.1 billion earlier this year.
Approximately 4% of the country’s population, or slightly less than 11 million people, have invested in cryptocurrency.