Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm. Binance aims “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.”
Binance Building Cryptocurrency Exchange Indonesia
Blockchain and cryptocurrency infrastructure provider Binance announced 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 country’s largest telecoms company.
The aim of the joint venture is “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange,” the announcement details, elaborating:
Binance will support development of the exchange platform by providing world-class infrastructure for asset management and technology.
“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,” Binance CEO Changpeng Zhao (CZ) commented.
Zhao revealed last week, “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.” He detailed specifically that his company is “in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the U.K.”
Binance, a crypto-exchange in Singapore, announced this week that it would be closing down. “Binance made a sizable investment into regulated exchange HGX last week. The investment rendered our application redundant. We will continue to work through our partners to grow the crypto industry in Singapore,” explained Zhao.
As China, the Indonesian government did not ban cryptocurrency. The Indonesian government previously stated that they will not prohibit it from being used. Although crypto assets can be traded alongside Indonesian commodity futures, they cannot be used to create a currency. Bank Indonesia is exploring the possibility of establishing a cryptocurrency exchange.
Do you have any thoughts about Binance’s support for a crypto exchange in Indonesia Please comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of selling or buying products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or allegedly cause any kind of damage.
