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HomeTechnologyIndonesian tech firm GoTo acquires local crypto exchange to expand services

Indonesian tech firm GoTo acquires local crypto exchange to expand services

On August 29, PT GoTo Gojek Tokopedia Tbk (GoTo), Indonesia’s largest tech company, entered the cryptocurrency sector by acquiring local crypto exchange PT Kripto Maksima Koin to broaden its product line. GoTo stated in a statement to the Indonesian stock exchange that it had purchased 100% of PT Kripto Maksima Koin for $8.38 million.

However, the IT behemoth did not disclose any additional plans for the recently purchased firm. One of the 25 cryptocurrency exchanges that Indonesia’s Commodity Futures Trading Regulatory Agency, or Bappebti, has granted a licence to is PT Kripto Maksima Koin.

GoTo raised $1.5 billion in an IPO in April of this year, becoming Indonesia’s fourth most valuable firm at a $28 billion value. The company took advantage of Indonesia’s IPO listing regulations, which led to record venture funding for Indonesian businesses in the $70 billion digital industry of Southeast Asia’s largest country.

GoTo’s acquisition follows Binance’s acquisition of a majority share in the Indonesian crypto exchange Tokocrypto in May 2020.

An app called Gojek was established in 2010 and offers a variety of services, including meal ordering, digital payments, shopping, and hyper-local delivery. The first and fastest-growing decacorn in Indonesia, it intends to spread its on-demand hegemony across Southeast Asia. Indonesia ranks so high in the cryptocurrency market because the country’s populace and regulators have opened the door to crypto and blockchain development. The potential for expansion is enormous.

Read more at Cryptoshrypto:

Indonesian crypto exchange Pintu secures $113 million in Series B fundraiser to develop new features

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