Indonesia-based tech firm PT GoTo Gojek Tokopedia Tbk (GoTo) reportedly finalized the acquisition of local crypto entity PT Kripto Maksima Koin, in an effort to diversify its assets. 

Specifically, the freshly completed agreement reportedly marks a milestone in the merging of mainstream and crypto in the fourth most populated nation throughout the globe. 

The amount spent for the acquisition of 100% shares by the nation’s “most majot tech firm” hit the 124.84 billion rupiahs ($8.38 million) benchmark.

GoTo did not disclose any particular plans for PT Kripto Maksima Koin’s advance development, but via an official statement, its spokesperson explained that the agreement is included within the scope of its attempt to achieve “a diverse money management hub.”

PT Kripto Maksima Koin is reportedly among the 25 crypto platforms that received the licenses from Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) recently, on Jan. 28, 2022.

In early 2022, GoTo, which is the outcome of a merge between a local e-commerce leader and an on-demand multi-service platform, reportedly closed its initial public offering (IPO), securing $1.1 billion.

Per Reuters insights, last year, the overall transaction volume of the crypto assets in Indonesia experienced an over 1,000% surge in comparison with 2020, to 859.4 trillion rupiahs ($57.7 billion). 

Approximately 4% of the nation’s population, which is a bit below 11 million individuals, have been making investments in crypto.

In the past years, the nation has witnessed an increasing trend of celebrity coins and nonfungible token (NFT) initiatives, with regulators’ having to step into the scene, albeit somewhat mildly. 

BAPPEBTI has repeatedly warned the population about the risks of investing in non-registered digital assets but has also avoided harsh prosecutions, involving even thenon-registered providers in a dialogue.