Indonesian tech giant buys Kripto Maksima Koin

Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia Tbk (GoTo) has bought cryptocurrency exchange PT Kripto Maksima Koin, according to Reuters.

This is the tech giant’s first move into the cryptocurrency space, as the company seeks to diversify its services.

GoTo has acquired 100% of the shares in Kripto Maksima, paying an estimated $8.38m.

GoTo will use its new asset to diversify its “money management hub”, in the hopes of entering a highly promising sector underpinned by blockchain technology.

According to GoTo, blockchain has a big role to play in the future of finance as we know it.

However, GoTo stopped short of saying exactly how many of its plans in relation to Kripto Maksima will be achieved, preferring to remain silent on the matter for the time being.

Maksima Koin commanded a strong price not only because it processes some of the largest volumes but also because its among the licensed entities in Indonesia’s cryptocurrency market. This alone gives it a strong position.

The exchange has a license from the Commodity Futures Trading Regulatory Agency – Bappebti. Cryptocurrency remains an important asset for the locals who have been adopting mainstream and altcoins in a bid to diversify their own portfolios or pull away from inflation-prone FIAT currencies.

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Updated: 08/31/2022 — 12:00