Binance Develops New Crypto Exchange in Indonesia

Binance Develops New Crypto Exchange in Indonesia

Leading cryptocurrency exchange Binance has agreed to a partnership with PT Telkom Indonesia’s venture capital arm, MDI Ventures, to start a new crypto exchange platform in the country. The technology investment firm holds a global portfolio of over $830 million.

A joint announcement on Wednesday revealed the partners’ excitement to broaden blockchain adoption in Indonesia, a country with over 240 million people.

Binance will provide asset management infrastructure and technology to spur the development of the new exchange platform. The two will also campaign to boost crypto adoption in the country.

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.”

While Indonesia is currently one of the fastest growing crypto hotspots in the world with reportedly over 7.4 million Indonesians owning crypto, its central bank is set to launch a central bank digital currency in an effort to battle cryptocurrency, a recent report revealed.

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Source: igaming