Indonesia's startup makes its first steps in entering the crypto market.
GoTo Gojek Tokopedia (GoTo), Indonesia's largest tech firm established in 2021 by Jacky Lo, has paid 124.84 billion rupiahs (around $8,4 million) for local crypto exchange.
According to the Reuters report shared on August 30th, the company acquired 100% of crypto exchange PT Kripto Maksima Koin as a part of its aim to become “a diverse money management hub”.
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Although GoTo did not disclose its plans with the acquired Kripto Maksima, the company has noted:
We believe that blockchain technology may play a mainstream role in the future of finance.
GoTo was formed after the ride-hailing app Gojek and the e-commerce platform Tokopedia joined forces and merged the two companies. Overall, the company is composed of three businesses: Gojek, Tokopedia, and GoTo financial.
Gojek is an on-demand multi-service platform that books drivers for transportation or food delivery. On the other hand, Tokopedia is the most popular Indonesian online shopping portal. Lastly, GoTo Financial provides financial services, including GoPay, GoPayLater, GoSure, and so on.
The acquisition is considerably valuable for GoTo if it aims to enter the crypto market. PT Kripto Maksima is one of 25 companies that received the Indonesian Commodity Futures Trading Regulatory Agency’s (Bappebti) approval to provide crypto services in the country.
Earlier this month, Bappebti stopped issuing regulatory licenses to ensure “transparent, efficient and effective trading activities.” On top of that, as another regulatory measure, Bappebti restricted any “marketing, promoting, and advertising” of a new crypto-asset. More specifically, assets that haven’t been approved by the Indonesian Financial Services Authority.
In other news, starting May 1st, Indonesia has issued crypto-related value-added tax (VAT) for cryptocurrency transactions.