Major Cryptocurrency Exchange Binance has reportedly and state-owned PT Telkom have partnered with MDI Ventures, the venture capital arm of Indonesia, to establish the crypto exchange platform in the country
The deal seeks to expand blockchain adoption across Indonesia, which has a population of nearly 240 million, according to a US statement released on Wednesday.
Binance Asset Management will provide infrastructure and technology to assist in the development of the new exchange platform. The agreement also seeks to further expand the blockchain technology application in Indonesia.
The new partnership crypto trading platform will allow Binance to expand its operations in the country where it already has investments in Tokocrypto. Changpeng Zhao, CEO, and founder of Binance said:
“Our mission at Binance is to promote the blockchain and cryptocurrency ecosystem worldwide, and this initiative in Indonesia is an important step in that direction. With rapid technology and strong economic potential, Indonesia can become one of the leading hubs for blockchain and crypto ecosystems in Southeast Asia”.
MDI Ventures is a leading Indonesian technology investment company with a global portfolio of over $830 million in various industries. The statement did not disclose the identities of the other companies involved in the MDI-led consortium.
Binance, which lately faced significant regulatory restrictions in the second and third quarters of 2021, now aims to expand its presence across Asia. Singapore-based cryptocurrency trading giant Binance recently acquired an 18% stake in local private securities exchange HG Exchange.