Indonesian IT Giant Acquires Local Crypto Exchange For $8.38M

Indonesian IT Giant Acquires Local Crypto Exchange For $8.38M
  • There was no mention of future intentions for PT Kripto Maksima Koin.
  • PT Kripto Maksima Koin will be given its license on January 28, 2022.

GoTo (PT) Gojek Tokopedia Tbk (GoTo), an Indonesian IT business, recently acquired the local cryptocurrency exchange PT Kripto Maksima Koin.The fourth most popular country in the world has now fully integrated the economy and cryptocurrencies.

Reuters reports that the “biggest tech firm” in the nation paid a total of 124.84 billion rupiahs ($8.38 million) for 100% of the company’s shares. According to reports from Indonesian news sources, the agreement was signed on Thursday.

Rising Interest in Crypto Sector

While PT Kripto Maksima Koin’s future plans were not mentioned in GoTo’s formal release. The firm did say that the deal was a part of its goal to become “a diverse money management hub.”

25 different cryptocurrency exchanges, including PT Kripto Maksima Koin, have acquired licenses via Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI). It is a relatively new possession because the license was granted to it on January 28, 2022.

GoTo, a product of a major local e-commerce firm and an on-demand multi-service platform, acquired $1.1 billion in its initial public offering (IPO) earlier this year.

In 2021, the total transaction volume of crypto assets in Indonesia increased by almost 1,000% to 859.4 trillion rupiahs ($57.7 billion), according to data from Reuters. Moreover, roughly 4% of the population, or little under 11 million individuals, have been investing in cryptocurrency.

BAPPEBTI has avoided punitive punishments, including the non-registered providers in a discussion. While constantly warning the public about the hazards associated with investing in digital assets that are not regulated.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.