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Indonesia’s crypto exchange acquired by GoTo Group for $8.4 M

The local cryptocurrency exchange business Kripto Maksima Koin has been purchased by GoTo Group, the combined company of prominent Indonesian IT giants Gojek and Tokopedia, for 124.8 billion rupiah (about $8.4 million USD).

The GoTo Group company that runs the e-wallet service GoPay, Dompet Karya Anak Bangsa, was primarily responsible for carrying out the transaction.

One of the 25 cryptocurrency exchanges authorised by Indonesia’s Commodity Futures Trading Regulatory Agency is Kripto Maksima Koin (Bappebti). The exchange manages the kriptomaksima website, according to Bappebti’s directory, however at the time of publishing, there were no services available.

Early this month, the regulatory body stopped granting new permits. Bappebti said that it wants to realize “transparent, efficient, and effective trading activities of crypto assets with fair competition to protect the interests of all parties in the crypto trading market.”

The ban could have made holders of current licences acquisition targets for new firms looking to establish cryptocurrency exchanges in the nation.

The GoTo Group had previously purchased a cryptocurrency business. Philippines-based was purchased by Gojek in 2019 for around US$95 million. However, it received twice that amount when it sold the cryptocurrency business to former Binance CFO Wei Zhou earlier this year.




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