Indonesian GoTo platform bought a crypto firm for $8.4 million
The cryptocurrency space appears to be growing by leaps and bounds as more entries continue. Over the past decade, more people and businesses have joined the digital asset bandwagon. This is primarily due to the high profitability that the assets could offer over other traditional investments.
It is no surprise that in the last ten years the value of most major digital tokens has increased by over 3000%. Making such a long-term leap into digital assets can give an investor a limitless profit line. But other conventional assets such as gold, silver and even land and houses have not seen such an upward movement.
Indonesian tech leader joins the crypto sector
An Indonesian technology leader, PT GoTo Gojek Tokopedia (aka GoTo), has recently jumped into the digital world. Reuters reported that GoTo’s first step into the crypto space is the acquisition of PT Kripto Maksima Koin, a crypto exchange.
The most prominent Indonesian technology company bought 100% of the shares in the digital platform. The payment for the acquisition was 124.84 billion rupiah, worth about 8.4 million dollars. GoTo noted that the new move was in sync, intending to be the nation’s hub for diverse money management.
Recall that 25 crypto firms received license approval from Indonesia’s Commodity Futures Trading Regulatory Agency, Bappebti. Among the platforms is PT Kripto Maksima Koin, which now gives GoTO a full operational license for the acquisition.
Before now, GoTo predicted that blockchain technology would actively contribute to the future of finance. As a result, the firm embarked on raising $1.1 billion through an initial public offering in recent months. The company has not yet announced any further plans for the move.
Crypto interest in Indonesia is rising
For some time, some local Islamic organizations in Indonesia and its central bank have given cold feet to cryptocurrency. However, their stance has never succeeded in extinguishing the interest of citizens and residents in the digital asset sector. A survey by Gemini revealed that Indonesia is taking the lead in global crypto adoption as it shares the first position with Brazil.
Before the transition from GoTo to the crypto space, other cases of attraction to the industry have been in Indonesia.
For example, as of 2021, Binance, the world’s crypto exchange, revealed its partnership with the Hartono brothers, the richest Indonesian family. Their agreement centered on developing a virtual asset venture in the country.
Binance then entered into a new partnership with Indonesian MDI Ventures. The firm is backed by Telkom Indonesia, the largest telecommunications provider in the country.
Binance’s famous CEO Changpeng Zhao stated that their latest partnership with MDI is an excellent move in the region. He noted that it would help them offer leading products suitable for the local market.
Featured image from Pexels, chart from TradingView.com
