In Brief:
- Binance has set up a joint venture with a local telecom operator to develop a digital-asset exchange in Indonesia.
- The partnership is with a group led by MDI Ventures (MDI) to expand the blockchain ecosystem in Indonesia.
- Binance’s partner has access to more than 170 million consumers in Indonesia.
Binance Holdings Ltd, the world’s leading Blockchain and cryptocurrency infrastructure provider has set up a joint venture with a local telecom operator to develop a digital-asset exchange in Indonesia, as a report suggests.
The partnership is with a group led by MDI Ventures (MDI) to expand the blockchain ecosystem in Indonesia.
MDI is a US$830+ million multi-stage venture capital firm backed by Indonesia’s largest telecoms company, Telkom Indonesia.
Binance founder and CEO Changpeng Zhao commented, “Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally” and called this partnership a significant step in that direction.
The group of digital and fintech companies partnering with Binance apparently has access to more than 170 million consumers in Indonesia, the world’s fourth most populous country.
This news does not come off as a surprise as Binance, the world’s largest crypto exchange, was already discussing the prospects of crypto ventures with PT Bank Central Asia (BCA) and state-owned PT Telkom Indonesia, Indonesia’s largest telecom operator.
