A Local Crypto Exchange Platform in Indonesia
According to a press release, the partnership between Binance and MDI aims to broaden the blockchain ecosystem in the country. To support the development of the Indonesian crypto exchange, Binance will provide infrastructure and technology.
The latest development comes shortly after previous reports stated that the global Crypto exchange giant was in talks with two of Indonesia’s heavyweights. Binance was seeking to launch a local digital assets platform in the Southeast Asian country, via a partnership with PT Telkom and PT Bank Central Asia (BCA) controlled by Indonesian billionaire brothers Michael and Budi Hartono.
While the other members of the MDI-led consortium were not revealed in the announcement, We look forward to growing with Binance and our investment partners and bridging the opportunities and technologies to Telkom to help upgradeIndonesia’scapabilities in this digital infrastructure
While other members of the consortium are not mentioned in the press release, the group which consists of digital and fintech giants, have access to more than 170 million customers in Indonesia. Meanwhile, commenting on the MDI partnership, Binance CEO, Changpeng “CZ” Zhao said:
“Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative inIndonesiais a significant step in that direction. With fast technology adoption and strong economic potential,Indonesiacould become one of the leading centers of the blockchain and crypto ecosystem inSoutheast Asia.”
MDI Ventures is a major investment firm in Indonesia with a portfolio worth over $830 million. The CEO of the firm, Donald Wihardja, expressed enthusiasm at being part of the project with Binance. According to a statement byWihardja:
“We look forward to growing with Binance and our investment partners, and bridging the opportunities and technologies to Telkom to help upgrade Indonesia’s capabilities in this digital infrastructure.”
Binance Expands Presence in Asia
Binance continues to make effort to spread its footprints in Asia. Apart from developing a local exchange in Indonesia, the company earlier bought a stake in one of the country’s crypto exchanges, Tokocrypto, which is making plans to go public in a few years.
Earlier in December, Binance acquired an 18% stake in a stock exchange regulated by the Monetary Authority of Singapore (MAS), Hg Exchange (HGX). However, back in September, the crypto exchange blocked Singapore users from accessing fiat deposits, crypto spot trading, liquid swaps, and cryptocurrency purchases via fiat channels.
Recently, Binance Asia Services (BAS), which operated Binance Singapore, announced that it was going to withdraw its license with the MAS. Furthermore, Binance.sg will shut down completely by February 13, 2022, with users advised to close their accounts or risk losing access to their holdings after the deadline.
Meanwhile, Binance does not have plans to completely leave the city-state, as the platform is looking to develop a blockchain innovation hub in Singapore.