Indonesia’s GoTo Gets Into Crypto With Kripto Maksima Purchase

GoTo, Indonesia, crypto, acquisition

Indonesian tech firm GoTo is getting into the cryptocurrency business — and hoping to diversify its services — with its purchase of local crypto exchange PT Kripto Maksima Koin.

As Reuters reported Monday (Aug. 29) GoTo acquired 100% of PT Kripto’s shares for 124.84 billion rupiah ($8.38 million). The company told Reuters the purchase was part of its plan to turn itself into “a diverse money management hub.”

“We believe that blockchain technology may play a mainstream role in the future of finance,” GoTo said in its statement.

The report said it was not clear what GoTo plans to do with the new company, which is one of 25 crypto exchanges that have been granted licenses by Indonesia’s Commodity Futures Trading Regulatory Agency. Citing agency data, Reuters noted that crypto has grown in popularity in Indonesia, with transaction volumes up more than 1000% in 2021.

GoTo was born last year out of a merger between eCommerce company Tokopedia and Gojek, which began in 2010 as a ride-hailing business before expanding into food delivery and digital payments.

Last week, Tokopedia added a buy now, pay later (BNPL) option to the range of digital payment methods it takes. GoPayLater Cicil lets select Tokopedia customers shop on the company’s platform and pay in installments of one, three, six or 12 months.

Read more: Indonesian eCommerce Firm Tokopedia Adds BNPL Option

“The enthusiasm of Tokopedia customers in transacting using the [BNPL] method increased almost threefold in 2021 compared to the previous year,” said Tokopedia Senior Vice President of Fintech and Payment Vira Widiyasari. “In the future, we will continue to make the lives of Indonesians easier by increasing collaborations and ensuring greater integration within the GoTo ecosystem.”

GoTo said this new BNPL option will help it further build its FinTech business and offer its customers a better user experience, convenience and financial inclusion.

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