Binance joins hands with Indonesian telco to open a new exchange

Binance, the world’s largest cryptocurrency exchange has announced its new partnership with PT Telkom Indonesia’s venture capital arm MDI Ventures, to create a crypto exchange platform.

The announcement made jointly on Wednesday stated that the agreement will also seek to expand blockchain adoption throughout Indonesia, which has a population of nearly 240 million people.

As part of its contribution to the development of the new exchange platform, Binance will provide infrastructure and technology for asset management. The secondary yet important goal of the agreement will be to broaden the scope of blockchain technology’s application in Indonesia in general.

As TheCoinRise reported, Binance is already planning to launch a crypto exchange platform in the country. 

Binance on the way to expand its presence in Southeast Asia

Binance will be able to expand its operations in the country thanks to the new partnership. It would be the company’s second partnership in Indonesia, where it already has invested in cryptocurrency trading platform Tokocrypto. 

“Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction,” said Changpeng Zhao, CEO and founder of Binance. 

Indonesia has the potential to become one of the leading centres of the blockchain and cryptocurrency ecosystem in Southeast Asia with vast technology adoption and the solid economic potential of the country.”

Founded in 1998, MDI Ventures is a major Indonesian technology investment firm with a global portfolio worth more than $830 million spread across a variety of industries. Any other details regarding involvement of companies in the MDI-led consortium were not named in the statement.

Following massive regulatory restrictions throughout the second and third quarters of 2021, Binance is now aiming to expand its presence across Asia. The exchange giant is also seeking to open a subsidiary crypto exchange company in the U.K to abide with the crypto laws in the nation.