Binance has collaborated with a group led by Telkom Indonesia’s $830 million venture capital arm to launch a joint venture. “With the construction of a new Indonesian-based digital asset exchange,” Binance hopes to “grow the blockchain ecosystem in Indonesia.”
Binance is establishing a crypto exchange in Indonesia.
Binance, a blockchain and cryptocurrency infrastructure provider, announced on Wednesday that it has formed a joint venture with a group led by MDI Ventures, Telkom Indonesia’s $830 million venture capital arm (MDI). The largest telecommunications firm in Indonesia is Telkom Indonesia.
The joint venture’s goal is to “grow the blockchain ecosystem in Indonesia through the construction of a new Indonesian-based digital asset exchange,” according to the release:
“Binance will provide world-class asset management infrastructure and technology to support the development of the new exchange platform.”
Binance CEO Changpeng Zhao (CZ) stated, “Our objective at Binance is to build the blockchain and cryptocurrency ecosystem internationally, and our project in Indonesia is a key step in that regard.”
“We’re undertaking several very significant changes in organizational structures, product offerings, our internal processes, and the way we engage with authorities,” Zhao said last week. He went on to say that his firm is “in the process of establishing genuine offices, legal companies, a proper board, and adequate governance systems in most areas, including the United Kingdom.”
Binance stated this week that it will close its crypto exchange in Singapore. “Last week, Binance made a significant investment in regulated exchange HGX. Our application was rendered obsolete as a result of this expenditure. “We’ll keep working with our partners to grow the crypto business in Singapore,” Zhao said.
The Indonesian government has already stated that, unlike China, it will not openly outlaw Bitcoin. In Indonesia, crypto assets can be traded alongside commodities futures, but they cannot be used as a currency. The government is also pushing for the establishment of a cryptocurrency exchange, and Bank Indonesia has been investigating the possibility of a central bank digital currency (CBDC).