Indonesian e-commerce giant buys local cryptocurrency exchange for $8 million

TAM Shams – Tuesday, August 30, 2022 05:41 PM – Indonesian tech firm BT Goto Gojik Tokopedia TBK (Goto) has bought BT Crypto Maxima Coin, a local cryptocurrency exchange, in a bid to diversify its assets. The deal marks a milestone in the integration of mainstream and cryptocurrency into the world’s fourth most populous country.

According to Reuters, the total acquisition of 100% of the shares by the “largest technology company in the country” amounted to 124.84 billion rupees ($8.38 million). Indonesian media reported that the deal was completed on August 25.

Goto did not reveal any specific plans to develop BT Crypto Maxima Coin, but in an official statement, its representatives outlined a deal as part of its efforts to become a “diversified money management hub.”

BT Crypto Maxima Coin is one of the 25 cryptocurrency exchanges licensed by the Indonesia Commodity Futures Trading Regulatory Agency (BAPPEBTI). It received the license relatively recently, on January 28, 2022.

Earlier this year, Goto, which was formed as a result of a merger between a leading local e-commerce company and an on-demand multi-service platform, conducted its initial public offering (IPO), raising $1.1 billion.

According to Reuters data, in 2021, the total transaction volume of crypto assets in Indonesia increased by more than 1,000% compared to 2020, to 859.4 trillion rupiah ($57.7 billion). Nearly 4% of the country’s population, just under 11 million people, invests in cryptocurrency.

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