GoTo Enters Cryptocurrency World, Acquires PT Kripto Maksima Koin

GoTo's share acquisition of PT Kripto Maksima Coin. (photo: TechCrunch)

JAKARTA - GoTo, the company that merged GoJek and Tokopedia was recently reported to have expanded its reach to the realm of cryptocurrencies. GoTo acquired a local crypto company, namely PT Kripto Maksima Coin. This is intended as part of an effort to diversify its services.

GoTo acquired 100% shares of PT Kripto Maksima Coin for 124.84 billion rupiahs. The company's 99.98% stake will be held by a GoTo subsidiary, namely PT Dompet Karya Anak Bangsa (GoPay).

GoTo is an Indonesian parent company that offers mobility, food delivery, logistics, e-commerce, and fintech solutions. The company says the deal is part of its goal of becoming a various management center.

"We believe that blockchain technology can play a major role in the future of finance", GoTo said on Monday, quoted by Blockchain News.

However, the company did not disclose more detailed information regarding its plans for the future after the acquisition. Meanwhile, TP Kripto Maksima Coin itself is one of 25 crypto exchanges that have received an operating permit from the Indonesian Commodity Futures Trading Supervisory Agency (BABPEBTI).

During the IPO last April, GoTo managed to raise 15.8 trillion in funds in its IPO. This makes GoTo's IPO the third largest in Asia and fifth in the world in 2022.

This company is taking advantage of Indonesia's IPO listing rules which have led to record venture funding for Indonesia's startup for the digital market of US$70 billion from Southeast Asia's largest economy.

Founded in 2010, Gojek is the first decacorn-labeled startup and has rapid growth in Indonesia. They have also spread their wings to countries in Southeast Asia.

Binance Acquisition Tokocrypto in 2020

GoTo is not the first company to acquire crypto exchanges in Indonesia. In May 2020, Binance, the world's largest crypto trading company by trading volume, acquired the shares of the domestic crypto exchange company, Tokocrypto.

At the time, Binance stated that the investment would help Tokocrypto to launch new and expansionary services and products throughout Indonesia.

Indonesia is the fourth most populous country in the world, with more than 270 million people. Therefore, this country has enormous potential, a key factor that helps draw Binance into the deal.

On the other hand, GoTo and Binance's aquatics show that the company's level of interest in digital assets or cryptocurrencies is quite high. However, this is the first step before these companies expand even more.