Binance will develop a new digital asset exchange in Indonesia in collaboration with a consortium led by MDI Ventures, Telkom Indonesia’s investment arm.
The partnership will also strive to extend blockchain usage throughout Indonesia, which has a population of approximately 240 million people, according to a joint release made on Wednesday.
Binance will supply asset management infrastructure and technology to help with the development of the new exchange platform. The partnership will also aim to expand the use of blockchain technology in Indonesia in general.
Binance will be able to expand its activities in a country where it already has a stake in crypto trading platform Tokocrypto thanks to the new agreement. Changpeng Zhao, the CEO and creator of Binance, stated:
“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 fast technology adoption and strong economic potential, Indonesia could become one of the leading centers of the blockchain and crypto ecosystem in Southeast Asia.”
MDI Ventures is a large Indonesian technology investment business with a global portfolio worth more than $830 million with investments in a variety of sectors. The identities of any additional firms collaborating in the MDI-led consortium was not revealed in the announcement.
Binance is hoping to extend its reach across Asia after facing major regulatory limitations in the second and third quarters of 2021. Binance’s Singapore subsidiary has bought an 18 percent share in Hg Exchange, a local private securities exchange.
Binance
Binance’s Singapore affiliate made an investment in Hg Exchange (HGX), a regional private securities exchange, last week. Binance will own an 18 percent post-money ownership in HGX, which received a market operator license from Singapore’s monetary regulator earlier this year.
According to CoinGecko’s rating, Binance, which was founded only four years ago, has quickly grown to become the world’s largest cryptocurrency exchange by trading volume. According to its website, Binance’s main trading platform has managed to achieve an average daily trading volume of $2 billion and over 1.4 million transactions per second.
