Binance Partners with MDI Ventures to Establish a Blockchain Project in Indonesia

The world’s leading crypto exchange – Binance – collaborated with a consortium led by MDI Ventures – a multi-stage venture capital firm backed by Telkom Indonesia. The duo’s mission is to expand the blockchain ecosystem in the Asian country by establishing a new digital asset exchange.

Binance Builds Presence in Indonesia

As reported last week, the trading venue has been in talks with PT Bank Central Asia, controlled by the siblings Budi and Michael Hartono (Indonesia’s richest family) and PT Telkom Indonesia (the nation’s largest telecommunication provider). The three parties aimed to create a blockchain venture on the island and thus encourage broader cryptocurrency adoption in that part of the world.

The discussions seem to be a success since Binance said in a document shared with CryptoPotato that it will create a digital asset exchange in Indonesia. The initiative was supported by MDI Ventures – an $830 million company and capital arm of Telkom Indonesia.

As part of the deal, Binance will provide management infrastructure and technology to support the development of the new platform. MDI Ventures, on the other hand, operates Indonesia’s biggest digital and financial technology ecosystems and has access to over 170 million consumers on the world’s largest island.

Changpeng Zhao – Founder and CEO of Binance – predicted that this initiative could place Indonesia as one of the leaders in the Asian cryptocurrency space.

“We are thrilled to name MDI as our latest partner in the region. With their depth of experience in the market, we are confident that we will deliver leading products for users locally,” the top exec added.

Donald Wihardja – CEO of MDI Ventures – opined that digital assets and blockchain technology will be an imminent part of the future monetary network and added:

“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 to Set up Blockchain Hub in Singapore

According to another recent report, the leading cryptocurrency exchange aims to create a blockchain center in Singapore through Binance Asia Services (BAS).

In line with the mission, the company will explore numerous initiatives, including blockchain education, incubation programs, and further investment opportunities.

At the same time, Binance announced it will withdraw its application to the Monetary Authority of Singapore (MAS) for a license to operate a regulated exchange in the city-state. As a result, Binance.sg will shut down by February 13, 2022.