GoTo enters crypto with Kripto Maksima Buy
Indonesian technology company GoTo is entering the cryptocurrency business – hoping to diversify its services – with the purchase of local crypto exchange PT Kripto Maksima Koin.
As Reuters reported on Monday (29 August), GoTo bought 100% of PT Kripto’s shares for 124.84 billion rupiah ($8.38 million). The company told Reuters the purchase was part of its plan to turn itself into “a diverse money management hub.”
“We believe that blockchain technology can play a major role in the future of finance,” GoTo said in its statement.
The report said it was not clear what GoTo plans to do with the new company, which is one of 25 crypto exchanges licensed by Indonesia’s Commodity Futures Trading Regulatory Agency. Reuters, citing agency data, noted that crypto has grown in popularity in Indonesia, with transaction volumes up more than 1,000% in 2021.
GoTo was born last year after a merger between e-commerce company Tokopedia and Gojek, which started in 2010 as a ride-hailing company before expanding into food delivery and digital payments.
Last week, Tokopedia added a buy now pay later (BNPL) option to its range of digital payment methods required. GoPayLater Cicil allows selected Tokopedia customers to shop on the company’s platform and pay in installments of one, three, six or 12 months.
Read more: Indonesian e-commerce firm Tokopedia adds BNPL option
“The enthusiasm of Tokopedia customers for transactions using [BNPL] method increased almost threefold in 2021 compared to the previous year,” said Tokopedia Senior Vice President of Fintech and Payment Vira Widiyasari. “In the future, we will continue to make the lives of Indonesians easier by increasing cooperation and ensuring greater integration in the GoTo ecosystem.”
GoTo said this new BNPL option will further help it build its FinTech business and offer customers a better user experience, convenience and financial inclusion.
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