Crypto exchange platform Binance has established a joint venture with a consortium led by MDI Ventures to develop a new Indonesian-based digital asset exchange.
MDI is a US$830+ million multi-stage venture capital arm of Indonesia’s largest telecoms company, Telkom Indonesia.
Binance will provide its asset management infrastructure and technology to support the development of the new exchange platform.
The company said that the consortium has collectively developed the biggest digital and financial technology ecosystems in Indonesia, and has access to more than 170 million consumers in the world’s fourth most populous country.
The news comes on the heels of Binance’s announcement that it has withdrawn its application for a digital payment token license in Singapore and will be shuttering its operations next year.
But the company has no plans to leave Singapore as it had recently snapped up an 18% stake in Hg Exchange.
Binance had also unveiled its EUR 100 million initiative to support the development of the French and European blockchain ecosystem.
Changpeng “CZ” Zhao, 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.”
Donald Wihardja, CEO of MDI said,
“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.”
Featured image: Edited from Unsplash