Indonesia's Biggest Tech Firm Enters Crypto With Purchase of Local Exchange: Report

GoTo Gojek Tokopedia (GOTO), Indonesia's biggest tech company, has entered the cryptocurrency market with the purchase of local crypto exchange Kripto Maksima Koin, Reuters reported Monday.

GoTo paid 124.84 billion rupiah ($8.38 million), according to the report, citing a statement to Indonesia's stock exchange regulator.

The tech firm, which was formed out of a merger between ride hailing app Gojek and e-commerce platform Tokopedia in 2021, raised over $1 billion in an IPO in April and claims to contribute more than 2% to Indonesia's GDP of $1 trillion. It wants to become a "diverse money management hub," according to the report.

Kripto Maksima is one of 25 crypto exchanges registered with Indonesia's Commodity Futures Trading Regulatory Agency, known as Bappebti. The regulator stopped issuing new registration certificates for crypto firms earlier this month, with the aim of making trading activities "transparent, efficient and effective," Tech in Asia reported, referencing a Bappebti statement.

GoTo did not immediately respond to CoinDesk's request for comment.

Read more: Indonesian Exchange Pintu Raises $113M to Meet Country's Crypto Boom