Binance partners with Indonesian telco to develop new crypto exchange

Major cryptocurrency exchange Binance has partnered with MDI Ventures, PT Telkom Indonesia’s venture capital arm, to establish a crypto exchange platform.

According to a joint announcement on Wednesday, the agreement will also seek to broaden blockchain adoption throughout Indonesia, which is home to about 240 million people.

To assist with the development of the new exchange platform, Binance will provide asset management infrastructure and technology. The agreement will also seek to increase the application of blockchain technology in Indonesia more broadly.

The new partnership enables Binance to grow its operations in a nation where it already has an investment in crypto trading platform Tokocrypto. Binance CEO and founder 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. 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.”

Related: Binance reportedly wants global wealth funds to get a stake in exchange

MDI Ventures is a major Indonesian technology investment firm, with a global portfolio worth over $830 million across several industries. The statement did not reveal the identity of any other companies involved in the MDI-led consortium.

Binance, which faced significant regulatory restrictions throughout the second and third quarters of 2021, is now aiming to expand its presence across Asia. The Singapore affiliate of cryptocurrency trading behemoth Binance has recently purchased an 18% stake in Hg Exchange, a local private securities exchange.