An Indonesian tech firm has purchased a nearby cryptocurrency exchange for $8.4 million.

PT GoTo (Gojek Tokopedia Tbk), Indonesia's most prominent tech firm, has entered the cryptocurrency business by acquiring a local cryptocurrency exchange.

PT kripto Masksium koin in a bid to diversify its service.

GoTo acquired 100% shares of PT Kripto MaksimaKoin for 124.80 billion rupiahs ($8.38 million), the company said in a statement to the stock exchange.


According to Reuters, the deal is part of the tech firm's goal of becoming "a diverse money management hub." It raised $1.1 billion in its IPO earlier this year.

The tech firm did not disclose further plans for the newly acquired entities.

We believe that blockchain technology has the potential to play a significant role in the future of finance.

PT Kripto Maksima Koin is one of the 25 crypto exchanges licenced by Indonesia.

Cryptocurrency has grown in popularity in Southeast Asia's largest economy, with the total transaction volume of crypto assets expected to increase by more than 1000% by 2021.