Binance Establishes Partnership with MDI Ventures

Crypto exchange Binance is planning to work on the growth of the blockchain ecosystem in Indonesia, one of the world’s fastest-growing economies. To achieve that, the digital exchange has established a joint venture with a consortium led by MDI Ventures, the $830 million venture capital arm of Telkom Indonesia.

Binance will facilitate the development of a new exchange in the country through efficient asset management infrastructure and technology. The consortium, which has access to more than 170 million people in the country, has developed a large digital and fintech ecosystem in the world’s 4th most populous country.

Changpeng Zhao, the Founder and CEO of Binance, 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. We are thrilled to name MDI as our latest partner in the region. With their depth of experience in the market, we are confident that we will deliver leading products for users locally.”

Earlier this month, Binance announced that the company is planning to withdraw its licensing efforts in Singapore. The crypto trading platform added that it will shut down its digital payment token services in the city-state by 13 February 2022.

Indonesia’s Blockchain Ecosystem

The adoption of digital assets has reached new highs in Indonesia during the last few months. A country, known for its multi-billion dollars fintech sector, has taken major steps for the growth of its blockchain ecosystem in 2021.

Donald Wihardja, the CEO of MDI, commented: "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, is very excited to participate in this journey.”