Binance Collaborates With MDI Ventures From Telkom Indonesia, Develops Crypto Platform

Binace cooperates with Telkom Indonesia to develop crypto. (photo: doc. pixabay)

JAKARTA - Major cryptocurrency exchange Binance has partnered with MDI Ventures, the venture capital arm of PT Telkom Indonesia, to build a crypto exchange platform in Indonesia.

According to a joint announcement on Wednesday, December 15, the agreement will also seek to expand blockchain adoption across Indonesia, which is home to around 270 million people of whom 80 percent are internet users.

To assist with the development of the new exchange platform, Binance will provide infrastructure and asset management technology. The agreement will also seek to increase the wider application of blockchain technology in Indonesia.

This new partnership allows Binance to expand its operations in countries where it already has investments in crypto 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. With the rapid adoption of technology and strong economic potential, Indonesia can become one of the leading centers of the blockchain and crypto ecosystem in Southeast Asia,” said Binance CEO and founder Changpeng Zhao, quoted by Cointelegraph.

MDI Ventures is a major technology investment company in Indonesia, with a global portfolio of more than US$ 830 million (Rp 11.8 trillion) across several industries. The statement did not reveal the identities of the other companies involved in the MDI-led consortium.

Binance, which faced significant regulatory restrictions throughout the second and third quarters of 2021. However, it is now targeting to expand its presence across Asia. The Singapore affiliate of cryptocurrency trading giant Binance recently bought an 18% stake in Hg Exchange, a local private securities exchange.