The tech titan paid approximately $8.38 million to acquire the money management firm.
GoTo is reportedly responsible for 2% of Indonesia's GDP.
Reuters reported that the largest technology company in Indonesia, GoTo Gojek Tokopedia Tbk (GoTo), entered the
Bitcoin and cryptocurrency market by acquiring a local exchange.
GoTo acquired ownership of the exchange by paying 124.84 billion rupiah ($8.38 million) for all available shares. According to reports, the tech company stated that the acquisition was part of a larger plan to become "a diverse money management hub."
According to the report, GoTo stated, "We believe that blockchain technology may play a significant role in the future of finance."
GoTo, which has a market capitalization of more than $25 billion after raising $1.1 billion in an initial public offering (IPO), did not elaborate on its future plans for the newly acquired exchange.
Bappebti, also known as Indonesia's Commodity Futures Trading Regulatory Agency, has issued licenses to a select group of 25 institutions, including PT. However, the regulatory authority halted further approvals at the beginning of this month, citing the need for " transparent, efficient, and effective trading activities."
Bappebti also prohibited the "marketing, promoting, and advertising" or issuance of new crypto-assets that lacked local Financial Services Authority approval.
GoTo was created when Indonesian ride-sharing company Gojek merged with local e-commerce player Tokopedia in the country's largest business transaction ever, valued at more than $18 billion at the time. Since then, GoTo reportedly accounts for 2% of Indonesia's $1 trillion GDP and aspires to contribute 5-10% in the future.
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