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Binance partners with Indonesia’s largest telecom and prepares to launch a new exchange

The world’s largest cryptocurrency exchange by trading volume is set to expand the blockchain ecosystem in Indonesia.

Binance partners with Indonesia’s largest telecom and prepares to launch a new exchange

Photo by Executium on Unsplash

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Binance announced teaming up with a consortium led by MDI Ventures, an investment unit of state-owned telecom company Telkom Indonesia–to launch a new cryptocurrency exchange in the world’s fourth most populous country.

MDI Ventures counts as Indonesia’s largest technology investment firm, managing more than $830 million in a global portfolio spanning across several industries.

Binance providing asset management infrastructure

Binance founder and CEO Changpeng Zhao 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.”

According to the statement, Binance will be leveraging asset management infrastructure and technology to support the development of the new crypto exchange platform.

He added:

“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.”

Growing the global blockchain ecosystem

The new exchange falls in line with Binance’s broader strategy to develop the global blockchain ecosystem.

The news of the partnership follows the recent announcement on Binance’s 100 million EUR “Objective Moon” initiative to support the development of the French and European blockchain and cryptocurrency ecosystem.

In addition, Binance Asia Services recently made a strategic investment in Singapore-based Hg Exchange (HGX).

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,”

The press release didn’t name any other companies in the consortium, which has access to more than 170 million consumers.

He added:

“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.”