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.

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

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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.

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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.

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

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

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

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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.

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