Indonesian Conglomerates Join The Crypto Race

We have recently witnessed major banks, JP Morgan and HSBC, buy land in the metaverse. ExxonMobil is mining Bitcoin, and even the FIFA World Cup is being sponsored by Crypto.com.

There is no stopping cryptocurrency, and it looks like everyone on Earth, from content creators to conglomerates, wants to get ahead in the crypto race before it’s too late.

In the Republic of Indonesia, the three largest companies by market capitalization, PT Bank Central Asia (BCA), PT Bank Rakyat Indonesia (BRI), and PT Telkom Indonesia, have decided to join the crypto race sooner rather than later.

Binance is Making Money Moves in Indonesia

According to Bloomberg, the world’s largest crypto exchange, Binance, has engaged in discussions with PT Bank Central Asia – controlled by Indonesian sibling billionaires Budi and Michael Hartono – and PT Telkom Indonesia.

Binance already has a major investment in Tokocrypto, one of Indonesia’s largest exchanges for cryptocurrency trading.

This deal would give Binance a greater foothold in the country’s rapidly developing economy while allowing Indonesia’s most prestigious and powerful businessmen to get involved in digital currencies.

BRI Ventures Partners with Tokocrypto

BRI Ventures (BVI) is a corporate venture capital initiative backed by Bank Rakyat Indonesia, headquartered in Jakarta.

Through its Sembrani Wira accelerator initiative – and together with Tokocrypto through their TokoLaunchpad – BRI Ventures launched the first accelerator project to empower startups with blockchain technology and tokenization in Indonesia, creating TSBA (Tokocrypto Sembrani Blockchain Accelerator).

Nicko Widjaja, CEO of BRI Ventures, revealed that his company has collaborated with Tokocrypto to encourage Indonesia to become a digital powerhouse through startups that use blockchain as their technology backbone.

Sinar Mas Backs NBT

In addition to the three Indonesian companies mentioned above, another of the largest conglomerates in Indonesia, Sinar Mas, has decided to back NanoByte (NBT) Token.

NBT is a major crypto token project affiliated with Nanovest, a digital asset investment marketplace that offers more than 2,000 global shares and more than 100 crypto assets. The NBT token is built on the Binance Smart Chain (BSC) ecosystem and uses the BEP-20 standard, with a maximum total supply of 10 billion tokens in circulation.

NBT also aims to be an intermediary that connects crypto assets to traditional and conventional financial services products.

Indonesia Continues to Support Crypto Expansion

In Indonesia, crypto asset trading was legalized in September 2018, when the Ministry of Commerce approved the trading of Bitcoin (BTC) and crypto assets as commodities. Resultantly, the Commodity Futures Trading Regulatory Agency (BAPPEBTI), which acts as a regulator of domestic commodity trade, was empowered to enact regulations for crypto assets and blockchain in the country.

Since then, we have seen a massive explosion of local Indonesian tokens, exchanges, projects, and even NFT artists.

Fast-forward to 2022, and it’s not only digital nomads and millennials who are bullish on crypto. Some of Indonesia’s big boys and billionaires are making sure they don’t get left behind in the crypto race.

It all makes for truly exciting times for the entire Indonesian crypto community.

Disclaimer: I am not a financial advisor. Do not take anything posted as financial advice, ever. Always do your own research. Consult a professional investment advisor before making any investment decisions. My posts are for entertainment purposes only.

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