Binance, the largest crypto exchange in the world, is preparing to launch a new digital asset exchange in Indonesia through a partnership with the country’s telecom company Telkom Indonesia.
Having recently stopped its attempts to take root in Singapore, Binance has just announced a deal with MDI Ventures, a $830 million multi-stage investment arm of Telkom Indonesia. The joint venture comes just a week after Binance withdrew their licence to operate a crypto exchange in Singapore, as well as rumours about the company being in talks with one of the richest Indonesian business families.
According to the official statement, thanks to the partnership, Binance will start promoting crypto adoption throughout Indonesia, home to about 240 million people.
“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 centres of the blockchain and crypto ecosystem in Southeast Asia,” Binance founder and CEO Changpeng Zhao commented on the news.
Together two companies plan to launch a new crypto exchange in Indonesia. To help develop the platform, Binance will provide asset management infrastructure and technology.
Donald Wihardja, CEO of MDI, said: “Cryptocurrencies, crypto assets, and the underlying technology, blockchain, present an undeniably important part of the financial and other digital infrastructures in the future. MDI, as Telkom’s technology investment arm and technology scout, are very excited to participate in this journey. We look forward to growing with Binance and our investment partners, and bridging the opportunities and technologies to Telkom to help upgrade Indonesia’s capabilities in this digital infrastructure.”
Good news has been a rare occasion for Binance this year. The crypto exchange has been through all kinds of pressure from financial regulators due to lawsuits, insider trading allegations, and market manipulation claims. However, it seems like the company still plans to come out on the winning side.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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