Indonesian Tech Leader GoTo Acquires Crypto Platform For $8.4 Million: Report

PT GoTo Gojek Tokopedia (known as GoTo), one of Indonesia’s tech giants, has reportedly acquired local cryptocurrency exchange PT Kripto Maksima Koin for IDR 124.84 billion ($8.4 million). . The company said the deal is in line with its goal of becoming a “diversified money management hub.”

Despite the negative stance shown by the country’s central bank and some local Islamic organizations, the digital asset sector is very popular among Indonesians. Global leader in currency adoption, sharing #1 with Brazil.

GoTo Enters The Crypto Universe

Recently coverage According to Reuters, Indonesia’s largest technology company, GoTo, has purchased a 100% stake in cryptocurrency exchange PT Kripto Maksima Koin for around $8.5 million.

The company, which raised $1.1 billion in an IPO a few months ago, predicts blockchain technology will play a key role in the “future of finance.” Despite the deal, GoTo did not share any further plans.

PT Kripto Maksima Koin is one of 25 cryptocurrency platforms licensed by Indonesia’s Commodity Futures Trading Regulatory Authority (known as Bappebti).

The country’s interest in cryptocurrency platforms didn’t start with GoTo. The world’s largest cryptocurrency exchange at the end of 2021 – Binance – clearly It intends to work with the Hartono brothers, the richest family in Indonesia. Their common goal was to establish a digital asset venture in the country.

A few days later, Binance stepped up its efforts in Indonesia. alliance with MDI Ventures. The latter is a multi-stage venture capital firm backed by Telkom Indonesia, the country’s largest telecommunications provider.

“We are delighted to nominate MDI as our newest partner in the region. At the time, Binance CEO Changpeng Zhao believed that his extensive experience in the market would enable him to bring key products to local users. I’m here.

Record crypto adoption rate

A survey of U.S.-based cryptocurrency platform Gemini in April this year Estimate Indonesia and Brazil are the undisputed leaders due to their adoption of cryptocurrencies. He 41% of residents of both countries surveyed admitted to investing some of their wealth in this asset class.

Despite the hostile attitude towards the industry by some Islamic groups, the numbers are high. Last November, the National Ulema Council (MUI) Said Due to Sharia law, the use of cryptocurrencies should be banned. The organization’s leader, Athrolan Niam Sole, claims Bitcoin and altcoins are full of “uncertainty, stakes and harm”, which is why individuals should stay away from them. is.

At the beginning of 2022, Tarjih Council and Muhammadiya’s Central Executive Tajdid issued Similar warnings regarding cryptocurrencies as “haram” (or forbidden by God).

Bank Indonesia also opposes the asset class.a few months ago, the institution swore To “fight” digital assets that allegedly harm the nation’s financial network by launching a Central Bank Digital Currency (CBDC).

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