Indonesian GoTo Platform Bought A Crypto Firm For $8.4M
The cryptocurrency space seems to be taking off by leaps and bounds as more and more come in. Over the past decade, more and more people and businesses have joined the digital asset bandwagon. This is mainly due to the fact that assets can offer higher profitability than other traditional investments.
Not surprisingly, most major digital tokens have grown in value by over 3,000% over the past decade. Making such a long-term leap in digital assets can generate unlimited profits for investors. But other conventional assets, such as gold, silver, and even land and houses, have not seen such an upward trend.
Indonesian tech leader joins crypto industry
Indonesian technology leader PT GoTo Gojek Tokopedia (aka GoTo) has recently entered the digital world.Reuters report GoTo’s first step into the crypto space was the acquisition of crypto exchange PT Kripto Maksima Koin.
Indonesia’s most prominent tech company bought 100 percent of the digital platform. The payment for the acquisition was IDR 124.84 billion, valued at approximately US$8.4 million. GoTo noted that its new initiatives are synchronised and aimed at becoming the centre of diversified money management in the country.
Recall that 25 cryptocurrency companies have obtained license approval from Indonesia’s commodity futures trading regulator, Bappebti. These platforms include PT Kripto Maksima Koin, which now provides GoTO with a full operating license for the acquisition.
Before that, GoTo predicted that blockchain technology will actively contribute to the future of finance. As a result, the company has raised $1.1 billion in an IPO over the past few months. Currently, the company has not released any further relocation plans.
Interest in cryptocurrencies is on the rise in Indonesia
For some time now, some local Islamic groups in Indonesia and their central bank have taken an apathetic approach to cryptocurrencies. However, their stance has never succeeded in deterring citizens and residents from the digital asset space. According to a survey by Gemini, Indonesia leads the world in cryptocurrency adoption as it is tied for first place with Brazil.
Before entering the crypto space from GoTo, other attractive cases for the industry occurred in Indonesia.
For example, as of 2021, global cryptocurrency exchange Binance disclosed a partnership with the Hartono brothers, the wealthiest family in Indonesia. Their agreement focuses on developing a virtual asset business in the country.
This was followed by another collaboration between Binance and Indonesia’s MDI Ventures. The company is backed by Telkom Indonesia, the country’s largest telecom provider.
Binance’s well-known CEO Changpeng Zhao said their latest partnership with MDI is an excellent move for the region. He noted that this will help them provide leading products suitable for the local market.
Featured image from Pexels, chart from TradingView.com