Cryptocurrency: Binance to launch crypto exchange in Indonesia in partnership with local telecom firm

Binance is set to open a new crypto exchange in Indonesia, and it will be launched via a joint venture with MDI Ventures-led consortium. MDI is the investment unit of the country's largest telecom company, Telkom Indonesia.

As per Forbes, the consortium is composed of digital and fintech firms that collectively have access to over 170 million consumers in the country which is the fourth most populous in the world. They are teaming up with Binance, the largest exchange in the world in terms of daily trading volume of digital currencies, to enter the blockchain that is fast becoming an important part of digital and financial systems of the future.

In the agreement, Binance will be providing asset management groundwork and technology to support the development of the new cryptocurrency exchange. The partnership will also seek to expand and deepen blockchain adoption across Indonesia where around 240 million people reside.

The crypto exchange firm will also help increase the use of blockchain technology in the region. As for Binance, the deal will allow it to grow its operations in Indonesia where it already invested in the Jakarta-based local crypto trading platform called Tokocrypto.

"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 founder and chief executive officer, Changpeng "CZ" Zhao, said in a press release. "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."

The Binance chief added that they are thrilled to announce MDI Venture as their newest partner in Indonesia. He further expressed confidence in being able to deliver the best products for local crypto exchange users since MDI has broad experience in the market.

Finally, MDI's CEO, Donald Wihardja, said that they are looking forward to growing with Binance and their investment partners. "Cryptocurrencies, crypto assets, and the underlying technology, blockchain, present an undeniably important part of the financial and other digital infrastructures in the future and MDI, as Telkom's technology investment arm and technology scout, are very excited to participate in this journey," he said.