Key takeaways:
- Binance established a joint venture with a fintech consortium led by MDI Ventures, an investment division of Telkom Indonesia
- The consortium has access to more than 170 million consumers in Indonesia
- Lately, Binance has started working with local authorities and businesses to develop its exchange offering as a sign of goodwill towards regulators
Binance, the world’s largest digital asset exchange, has partnered with a consortium led by MDI Ventures, an investment division of Indonesia’s largest telecommunications company Telkom Indonesia to launch a new cryptocurrency trading platform in the Southeast Asian country.
Binance’s Indonesian exchange has the potential to reach more than 170 million consumers
A group of financial institutions and software companies will work with Binance to develop a new cryptocurrency exchange offering to service the needs of cryptocurrency users in the fourth most populous country in the world.
Speaking about the newly formed partnership, Changpeng Zhao, the founder of Binance and its CEO, said that the new “initiative in Indonesia is a significant step” towards growing “the blockchain and cryptocurrency ecosystem globally.”
According to the Binance press release, the consortium consisting of some of the largest Indonesian fintech and digital companies has access to over 170 million consumers in the country, roughly 70% of the total population.
Donald Wihardja, CEO of MDI Ventures, deems crypto as one of the pivotal parts of the digital infrastructure of the future:
“Cryptocurrencies, crypto assets, and the underlying technology, blockchain, present an undeniably important part of the financial and other digital infrastructures in the future. MDI, as Telkom’s technology investment arm and technology scout, are very excited to participate in this journey.”
Binance’s decision to work with Indonesian-based companies to build crypto exchange infrastructure is reminiscent of the announcement made earlier this week, when it was reported Binance bought an 18% stake in Singapore-based HG Exchange in order to develop a regulatory compliant digital exchange in the island city-state.
Throughout the year, Binance has been actively working with regulators as a part of its shift towards proactive compliance. The world’s largest exchange made waves when it released a list of 10 fundamental rights for crypto users and called on industry leaders and policymakers to work together to create a more regulated crypto market.
