Indonesia’s biggest tech firm GoTo Gojek Tokopedia (GOTO) has forayed into the cryptocurrency market with the purchase of local crypto exchange Kripto Maksima Koin for US$8.38 million.

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Fast facts

  • GoTo has acquired 100% of Kripto Maksima Koin shares for 124.84 billion rupiah (US$8.38 million), Reuters reported, citing a statement sent to the Indonesian stock market regulator.
  • GoTo also offers on-demand transportation services, e-commerce, food and grocery delivery, as well as financial and payment services.
  • The tech firm’s entry to the crypto market is part of its plan to become a “diverse money management hub,” and follows an April IPO worth over US$1 billion.
  • Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), which regulates crypto trading in the Southeast Asian nation, had stopped issuing registration certificates for crypto asset traders earlier this month, according to a TechinAsia report.

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