Binance has formed a joint venture with a consortium led by Telkom Indonesia’s US$830 million venture capital arm. Binance aims to “expand Indonesia’s blockchain ecosystem by developing a new Indonesian digital asset exchange.”

Binance establishes cryptocurrency exchange in Indonesia

Blockchain and cryptocurrency infrastructure provider Binance announced on Wednesday that it has established a joint venture with a consortium led by Telkom Indonesia’s $830 million venture capital arm MDI Ventures (MDI). Telkom Indonesia is the largest telecommunications company in the country.

The goal of the joint venture is to “expand Indonesia’s blockchain ecosystem by developing a new Indonesian digital asset exchange.” The announcement details:

Binance will provide world-class asset management infrastructure and technology to support the development of the new trading platform.

“Our ambition at Binance is to develop the blockchain and cryptocurrency ecosystem on a global scale, and this move in Indonesia is an important step in this direction,” Binance CEO Changpeng Zhao (CZ) Commented.

Zhao disclose Last week, “we are making some very significant changes in our organizational structure, product supply, our internal processes, and the way we work with regulators.” He specifically elaborated that his company “is working on major changes including the United Kingdom. Most places have established real offices, legal entities, appropriate boards of directors, and appropriate governance structures”

This week, Binance Announce It is closing its cryptocurrency exchange in Singapore. “Last week, Binance made a significant investment in the regulated exchange HGX. This investment makes our own application somewhat redundant. We will continue to work hard to develop Singapore’s crypto industry through our partners,” Zhao explained.

The Indonesian government has previously stated that it will not completely ban cryptocurrencies like China. In Indonesia, crypto assets can be traded with commodity futures, but cannot be used as currency. The government is also promoting the establishment of a cryptocurrency exchange, and Bank Indonesia has been exploring the central bank digital currency (CBDC).

What do you think about Binance’s help to establish a cryptocurrency exchange in Indonesia? Please let us know in the comments section below.

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