Binance, a major cryptocurrency exchange, has teamed up with MDI Ventures, a venture capital arm of PT Telkom Indonesia, to launch a crypto trading platform.
The partnership will also strive to increase blockchain usage across Indonesia, which has a population of 240 million people, according to a joint release made on Wednesday.
Binance will contribute asset management infrastructure and technology to help with the development of the new exchange platform. The pact also aims to broaden the use of blockchain technology in Indonesia.
Additionally, Binance can expand its activities in a country where it already has a stake in crypto trading platform Tokocrypto thanks to the new alliance. Binance CEO and founder Changpeng Zhao stated:
“At Binance, our goal is to expand the global blockchain and cryptocurrency ecosystem. And our project in Indonesia is a big step in that regard”. Indonesia might become one of Southeast Asia’s major centres of the blockchain and crypto ecosystem. Because to its rapid technological adoption and significant economic potential.”
MDI Ventures is a prominent Indonesian technology investment firm. With a global portfolio worth more than $830 million with investments in a variety of industries. The identity of any other companies in the MDI-led consortium was not disclosed in the announcement.
Binance is looking to extend its reach across Asia after facing major regulatory limitations in the second and third quarters of 2021. Binance’s Singapore subsidiary has bought an 18% interest in Hg Exchange, a local private securities exchange.