GoTo acquires a crypto platform for $8.4 million as a recent report states. PT GoTo Gojek Tokopedia (known as GoTo as seen before) has allegedly bought local cryptocurrency exchange PT Kripto Maksima Koin for 124.84 billion rupiahs ($8.4 million).
According to the company, the arrangement is in line with its objective of becoming “a varied money management center.”
Despite the country’s central bank’s and certain local Islamic groups’ hostile stances, the digital asset industry has grown in popularity among Indonesians. According to a Gemini report, the country is the global leader in terms of crypto usage, tied with Brazil for the first position.
GoTo Enters Crypto Universe
According to Reuters, GoTo acquires a crypto platform by buying 100% of the shares of cryptocurrency exchange PT Kripto Maksima Koin for roughly $8.5 million.
The company, which raised $1.1 billion in an initial public offering a few months ago, believes blockchain technology will play a critical role in the “future of finance.” Despite the agreement, GoTo has not revealed any additional intentions.
PT Kripto Maksima Koin is one of 25 cryptocurrency platforms approved by Indonesia’s Commodity Futures Trading Regulatory Agency (known as Bappebti).
The country’s interest in cryptocurrency platforms did not begin with GoTo. Binance, the world’s largest cryptocurrency exchange, announced plans to partner with Indonesia’s richest family, the Hartono brothers, before the end of 2021. Their shared ambition was to launch a digital asset business in the country.
Binance then increased its presence in Indonesia by working with MDI Ventures a few days later. The latter is a multi-stage venture capital business supported by Telkom Indonesia (the country’s largest telecom operator).
“We are thrilled to name MDI as our latest partner in the region. With their depth of experience in the market, we are confident that we will deliver leading products for users locally,” Binance’s CEO Changpeng Zhao said at the time.”
Crypto Adoption Rate Records
According to a study conducted by the US-based crypto platform Gemini in April of this year, Indonesia and Brazil are the undisputed leaders in terms of cryptocurrency adoption. 41% of those polled in both nations acknowledged to investing part of their wealth in the asset class.
Despite certain Islamic institutions’ antagonistic attitudes toward business, the statistics are high. The National Ulema Council (MUI) stated in November that the usage of cryptocurrency should be prohibited, citing Shariya law. Asrorun Niam Soleh, the organization’s head, stated that bitcoin and altcoins are rife with “uncertainty, wagering, and injury,” and that people should avoid them.
The Tarjih Council and the Central Executive Tajdid of Muhammadiyah issued a similar warning at the start of 2022, classifying cryptocurrency as “haram” (or forbidden by God).
The Bank of Indonesia is likewise opposed to the asset class. Several months ago, the institution pledged to “combat” digital assets that it claims are harming the country’s financial network by introducing a central bank digital currency (CBDC).
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