Binance, the world’s largest crypto exchange, has teamed up with MDI Ventures, a multi-stage venture capital company backed by Telkom Indonesia. Their mission is to create a digital asset exchange and expand the blockchain ecosystem in Asia.
Binance builds Presence in Indonesia
Last week’s report stated that the trading venue was in discussions with PT Bank Central Asia, which is controlled by Budi and Michael Hartono, Indonesia’s richest siblings, and PT Telkom Indonesia, the nation’s largest telecommunications provider. They hoped to establish a blockchain venture in the island, and encourage wider adoption of cryptocurrency in this part of the globe.
Binance shared a document with CryptoPotato indicating that the discussions were a success. Binance stated in the document that it would create a digital asset market in Indonesia. MDI Ventures, a $830 million company that is part of Telkom Indonesia’s capital arm, supported the initiative.
Binance will support the development and management of the platform by providing technology and infrastructure. MDI Ventures is Indonesia’s largest digital and financial technology platform and has access over 170,000,000 consumers on Indonesia’s largest island.
Changpeng Zhao, founder and CEO of Binance, predicted that this initiative would place Indonesia among the top-ranked Asian cryptocurrency markets.
“We are delighted to announce MDI as our newest partner in the region. “With their extensive market experience, we are confident we will deliver top-quality products to local users,” said the top executive.
Donald Wihardja, CEO of MDI Ventures, stated that digital assets and Blockchain technology would be an integral part of the future monetary system.
“We look forward growing with Binance, our investment partners, and bridging opportunities and technologies to Telkom in order to upgrade Indonesia’s digital infrastructure capabilities.”
Binance will establish a Blockchain Hub in Singapore
Another recent report claims that the largest cryptocurrency exchange plans to establish a blockchain center in Singapore via Binance Asia Services (BAS).
The company will pursue numerous initiatives in line with its mission. These include blockchain education, incubation programs and additional investment opportunities.
Binance also announced that it would withdraw its application to MAS for a license to run a regulated exchange within the city-state. Binance.sg will be shut down by 13 February 2022.
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