Binance announces partnership with Indonesian telco for an upcoming crypto exchange
Binance, the world’s largest cryptocurrency exchange, has announced partnering with MDI Ventures, PT Telkom Indonesia’s venture capital arm, for establishing a crypto exchange platform in the country.
According to a joint press announcement on Wednesday, December 15, the agreement seeks to broaden blockchain adoption throughout the Indonesian country, home to more than 200 million people.
In order to assist in the development of the upcoming exchange platform, Binance has agreed on providing asset management infrastructure and technology. The agreement is also aimed at increasing the application of blockchain technology in Indonesia in a more broader sense.
The new partnership marks Binance’s first step towards growing its operations in a nation where it had one registered crypto trading platform, Tokocrypto.
CEO and founder of Binance, Changpeng Zhao, was noted saying that the company’s ambition at is “to grow the blockchain and cryptocurrency ecosystem globally,” and the current initiative in Indonesia reflects a “significant step” in that direction.
With the quick technology adoption and strong economic potential of Indonesia, it has the potentials of becoming “one of the leading centres of the blockchain and crypto ecosystem in Southeast Asia,” Zhao said.
MDI Ventures is a giant Indonesian technology investment firm, having a global portfolio worth over $830 million across several industrial sectors. The press statement, however, has not revealed the identity of any other firms that are involved in the MDI-led consortium.
Binance had been facing significant regulatory restrictions throughout the second and third quarters of 2021, which is why it is now aimed at expanding its presence across Asia.
The Singapore affiliate of Binance’s cryptocurrency trading has recently been reported to have purchased an 18 per cent stake in Hg Exchange, which is a local private securities exchange.