Aditya Hadi Pratama · · 2 min readGoTo Group acquires Indonesian crypto exchange for $8.4m
GoTo Group, the merged entity of major Indonesian tech players Gojek and Tokopedia, has acquired local crypto exchange company Kripto Maksima Koin for 124.8 billion rupiah (around US$8.4 million).
The deal was executed mostly through Dompet Karya Anak Bangsa, the subsidiary of GoTo Group that operates e-wallet service GoPay.
Photo credit: GoTo Group
Kripto Maksima Koin is one of 25 crypto exchanges registered under Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). According to Bappebti’s directory, the exchange operates the kriptomaksima website, but it has no offered service at the time of publication.
The regulator halted the process of issuing new licenses earlier this month. Bappebti said that it wants to realize “transparent, efficient, and effective trading activities of crypto assets with fair competition to protect the interests of all parties in the crypto trading market.”
The moratorium may have made existing license holders acquisition targets for new players that want to open crypto exchanges in the country.
It’s not the first time GoTo Group has acquired a crypto startup. In 2019, Gojek acquired Philippines-based Coins.ph for around US$95 million. However, it sold the crypto firm to former Binance CFO Wei Zhou earlier this year for double that amount.
See also: Ex-Binance CFO has big plans for Coins.ph, Gojek’s ‘underloved,’ ‘orphaned’ business
Currency converted from Indonesian rupiah to US dollar: US$1 = 14,882 rupiah.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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