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PT GoTo Gojek Tokopedia Tbk (IDX: GOTO), Indonesia’s largest technology company, has entered the digital asset business by acquiring local exchange PT Kripto Maksima Koin for about $8.4 million.
According to a report published by Reuters, Goto disclosed the acquisition in a filing to the Indonesia Stock Exchange (IDX), Indonesia’s stock exchange regulator. RA Koesoemohadiani, the company’s corporate secretary, said in the document that the purpose of the transaction is to expand GoTo’s business activities.
In a statement to Reuters, the company intends to become a “diversified financial management center” and believes that blockchain technology will help it achieve this.
“We believe that blockchain technology can play a major role in the future of finance,” the statement said.
The purchase was made through its subsidiary PT Dompet Karya Anak Bangsa (DKAB). The local exchange platform is one of the 25 digital asset exchanges registered with the Commodity Futures Trading Regulatory Agency (CoFTRA), also known as BAPBT.
GoTo, which raised $1.1 billion in a public offering earlier this year, has not disclosed further plans for the digital asset exchange. However, the digital asset business is widely expected to account for two percent of the country’s gross domestic product, joining Indonesia’s ride-hailing, e-commerce and financial businesses.
It’s not the company’s first foray into digital assets. In the year In 2019, Go-jek, a subsidiary of GoTo Ride-hailing, a Philippines-based currency, Coins.ph. He acquired an undisclosed amount of shares.
Digital assets are gaining popularity in Indonesia.
GoTo’s entry into the digital asset market comes at a time when digital assets are gaining popularity in the Southeast Asian country. According to a report from local news outlet Saura, a Ministry of Commerce survey found that more than 16 million Indonesians are investors in digital assets.
According to the agency, Indonesians made digital asset transactions worth 15.63 billion dollars between January and July 2022. In 2021, the total transaction volume will be 57.7 billion dollars, which is more than 1,000 percent higher than in 2020.
In the year The results in 2021 put Indonesia alongside Chile as the leader in global demand for digital currency, according to a survey conducted by Australian digital currency utility platform Coinformant. Its popularity has brought regulatory attention to the industry, with the tax agency proposing a 0.1% tax on digital asset capital gains.
See: BSV Global Blockchain Convention Presentation, Vaionex: Frictionless Blockchain Solutions
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