Binance to launch crypto exchange in Indonesia with country’s largest telecom

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Binance’s website is displayed on a mobile phone on May 12, 2021.

Beata Zawrzel / NurPhoto via Getty Images

Binance will launch a new digital asset exchange in Indonesia through a joint venture with a consortium led by MDI Ventures, an investment arm of Telkom Indonesia.

“Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem on a global scale, and this initiative in Indonesia is an important step in that direction,” said Binance Founder and CEO Changpeng Zhao (often referred to as CZ) in a press release Wednesday. .

“With rapid adoption of technology and strong economic potential, Indonesia could become one of the main centers of the blockchain and crypto ecosystem in Southeast Asia,” he added.

The consortium of digital and fintech companies partnering with the Binance Zone would have access to more than 170 million consumers in the world’s fourth most populous country.

Binance said it will provide asset management infrastructure and technology to support the development of the new exchange.

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Last week, Binance’s Singapore affiliate invested in Hg Exchange (HGX), a regional private stock exchange. The deal gives Binance an 18% post-money stake in HGX, which was granted a market operator license by the Singapore Monetary Authority earlier this year.

Founded just four years ago, Binance has quickly grown to become the world’s largest cryptocurrency exchange in terms of transaction volume, according to CoinGecko’s ranking. Binance’s main trading platform managed to record an average daily trading volume of $ 2 billion and more than 1.4 million transactions per second, according to its website.

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