Gojek Sells Crypto Subsidiary to Boost Valuation

By Editorial Team 05/04/2022
Aplikasi Gojek
Summary

Gojek sold Coins.ph, a crypto trading platform based in the Philippines, ahead of the listing of PT GoTo Gojek Tokopedia Tbk (GOTO) on the Indonesia Stock Exchange. Tech In Asia reported on April 4 that former Binance Chief Financial Officer Wei Zhou purchased it for US$200 million. A source said the transaction value was more than double the price that Gojek paid when it acquired Coins.ph in 2019.

GoTo Chief Corporate Affairs Nila Marita confirmed the deal. "We are confident that the Coins.ph team, supported by the new management, will continue its mission of increasing financial inclusivity and creating a positive impact in the Philippines," she told Katadata.co.id. Coins.ph, founded in 2014, is a digital wallet platform for purchasing and selling crypto assets. Its founder, Ron Hose, has expanded the platform to other financial services such as phone credit top-ups, bill payments, and remittances.

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