GoTo Acquires Indonesia Crypto Exchange PT Kripto Maksima Koin for $8.38M

Indonesia’s technology firm GoTo has dived into the crypto industry with the acquisition of local cryptocurrency exchange PT Kripto Maksima Koin. 

Gradually, the tech firm hopes to diversify its offerings in the mid to long term. Going into full acquisition, GoTo now owns 100% of PT Kripto Maksima Koin’s shares which was signed at an agreed price of 124.84 billion rupiahs or approximately $8.38 million. 

In a statement, GoTo explained that this strategic move is part of its plans to make itself  “a diverse money management hub.” Earlier this year, GoTo secured $1.1 billion in one of the largest Asian IPO this year thus far.

As contained in the published statement, GoTo said it “..believe that blockchain technology may play a mainstream role in the future of finance.” 

The company is the product of a merger between eCommerce company Tokopedia and digital payment technology firm Gojek. It initially started its operations as a ride-hailing business in 2010 before it later transformed into food delivery and digital payments.

GoTo Backer, Tokopedia Offers BNPL

One of the GoTo backers, Tokopedia, launched a new line of business for its digital assets payment options where users can Buy Now and Pay Later (BNPL). GoPayLater Cicil available under the Gojek network allows Tokopedia clients to make purchases on the company’s platform and thereafter spread their installment payment between 3-12 months.

Senior Vice President of Fintech and Payment at Tokopedia Vira Widiyasari attested to the fact that his firm is focused on using collaborations and GoTo ecosystem integration in making the life of Indonesians easier.

“The enthusiasm of Tokopedia customers in transacting using the [BNPL] method increased almost threefold in 2021 compared to the previous year,” he said.

Meanwhile, PT Kripto Maksima Koin is one of the 25 crypto exchanges in Indonesia that has received an operational license from Indonesia’s Commodity Futures Trading Regulatory Agency to offer its digital services in the country. GoTo’s intentions for the cryptocurrency exchange are yet to be disclosed. 

For now, in all of Indonesia, cryptocurrency is only regarded as a trading commodity and not as a payment tool. Notably, digital assets are gaining popularity in Indonesia and in SouthEast Asia generally. The total transaction volume of cryptocurrencies in 2021 increased by up to 1000% from its previous year’s value to 859.4 trillion rupiahs which are approximately $57.70 billion.