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Indonesian Telco And Binance Form Partnership For Crypto Exchange

In recent Asian cryptocurrency news, Binance partners with MDI Ventures, the venture capital arm of PT Telkom Indonesia with the goal of establishing a new crypto exchange platform. A joint announcement was made recently stating that the agreement also has intentions to increase blockchain adoption in Indonesia.

Binance is responsible for providing asset management technology and infrastructure to aid with the development of the platform. In addition, the agreement also has plans to increase the application in Indonesia of blockchain technology more widely.

By way of this new partnership, Binance is able to increase operations in a nation where it has an existing investment in Tokocrypto, an investment trading platform. Changpeng Zhao, the founder and CEO of Binance said, “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.”

As a major technology investment firm in Indonesia, MDI Ventures has a global portfolio that is worth more than $830 million and spans across a number of different industries. The identity of any other companies involved was not released in the statement.

Following major regulatory restrictions in 2021, Bitcoin hopes to increase its presence throughout Asia. The cryptocurrency trading giant has recently purchased 18% in the local private securities exchange, Hg Exchange.

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