Entering the Crypto World? GOTO/GOjek TOkopedia Acquires Local Crypto Exchange Worth IDR 124.8 Billion
The good news about the development of the crypto world came from the GoTo company on Monday, August 29, 2022. The reason is, that the well-known technology company in Indonesia announced that it had acquired PT Kripto Maksima Koin (KMK) by taking over 100% of its shares worth $8.4 million or equivalent to Rp. 124.8 billion.
For information, GoTo is a combination of two giant Indonesian technology companies, namely Gojek and Tokopedia. The two companies with the ‘decacorn’ title have a valuation of US $ 10 billion and above for Gojek and Tokopedia with a valuation of US $ 1 billion. They then united and became PT GoTo or Gojek Tokopedia Tbk.
Kripto Maksima Koin itself is one of 25 local crypto exchanges that have had a license from the Indonesian Commodity Futures Trading Regulatory Agency (CoFTRA) since January 28, 2022.
This acquisition took place on August 25, 2022, with a subsidiary of the GoTo Group, namely PT Dompet Karya Anak Bangsa (GoPay) which controls 99.98% of the shares and the remaining 0.02% is controlled by GoTo. KMK’s total shares have a total of 50,000 shares, which means the price per share is Rp 2.49 million. Goto’s actions have also been reported in the information disclosure document on the Indonesia Stock Exchange (IDX) website.
GoTo’s Reason for Acquisition of KMK
In the information disclosure document, GoTo revealed that the acquisition was made to diversify the company’s services.
“The purpose of the transaction is to expand the company’s business activities through the company’s subsidiaries,” wrote R, A Koesomohadiani, Corporate Secretary of PT GoTo Gojek Tokopedia Tbk in the IDX information disclosure.
Currently, GoTo is known to have three core businesses, namely Gojek in the super apps sector, Tokopedia in the e-commerce sector, and GoTo Financial in the financial sector.
Through Reuters media, GoTo also stated that it wanted to become a diverse money management center.
“We believe that blockchain technology can play a major role in the future of finance,” said GoTo.
Not the First Time, Gojek Has Owned Another Crypto Business
Previously, Gojek bought Coins. ph, a fiat & crypto wallet start-up company based in the Philippines, in January 2019. The acquisition value of the company reached US$ 95 million or Rp 1.3 trillion. However, Gojek later sold its majority stake in the company to a consortium led by former Binance CFO Wei Zhou along with Joffre Capital in April 2022.
Gojek itself agreed to release Coins. ph shares worth US$200 or around Rp. 2.8 trillion. This value was double the price of the acquisition of Gojek when it first acquired Coins. ph as a measure to expand payments to the Philippines.
Gojek has also confirmed the decision to sell Coins. ph and will focus more on strengthening investments in Vietnam and Singapore.
The acquisition of GoTo is certainly good news for the development of the crypto world in Indonesia.