Binance Partners with Indonesian Telecom to Develop New Cryptocurrency Exchange

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

According to a joint statement on Dec. 15, the agreement will also seek to expand blockchain adoption in Indonesia, which has a population of about 240 million people.

To assist in the development of the new trading platform, Binance will provide asset management infrastructure and technology. The agreement will also seek to increase the adoption of blockchain technology more broadly in Indonesia.

This new partnership will allow Binance to expand its presence in Indonesia, where Binance has already invested in crypto exchange Tokocrypto. Binance CEO and founder Changpeng Zhao said:

“Our goal at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is an important step in that direction. With the rapid adoption of the technology and strong economic potential, Indonesia could become one of the leading hubs for the blockchain and crypto ecosystem in Southeast Asia.”

MDI Ventures is a major technology investment firm in Indonesia with a global portfolio worth over US$830 million across multiple industries. The statement did not identify the other companies involved in the MDI-led consortium.

Binance, which faced severe regulatory restrictions in the second and third quarters of 2021, is now looking to expand in Asia. The Singapore-based subsidiary of cryptocurrency trading giant Binance recently acquired an 18 percent stake in local private stock exchange Hg Exchange.

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