Binance develops crypto alternate in Indonesia

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Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $ 830 million venture capital arm. Binance aims to “expand the blockchain ecosystem in Indonesia by developing a new Indonesian digital asset exchange”.

Binance Building Cryptocurrency Exchange in Indonesia

Blockchain and cryptocurrency infrastructure provider Binance announced on Wednesday that it has formed a joint venture with a consortium led by MDI Ventures (MDI), Telekom Indonesia’s $ 830 million venture capital arm. Telekom Indonesia is the largest telecommunications company in the country.

The aim of the joint venture is to “expand the blockchain ecosystem in Indonesia by developing a new Indonesian exchange for digital assets,” the announcement details read:

Binance will provide world-class asset management infrastructure and technology to support the development of the new exchange platform.

“Our goal at Binance is to expand the blockchain and cryptocurrency ecosystem worldwide, and this initiative in Indonesia is a significant step in that direction,” commented Binance CEO Changpeng Zhao (CZ).

Zhao announced last week, “We are making a number of very significant changes to organizational structures, product offerings, our internal processes and the way we work with regulators.” in most places including the UK is in the process of having real offices, legal entities, proper board of directors and proper governance structures ”.

This week, Binance announced that it will close its Singapore crypto exchange. “Binance made a sizeable investment in the HGX regulated exchange last week. This investment made our own application somewhat redundant. We will continue to work with our partners to expand the crypto industry in Singapore, ”said Zhao.

The Indonesian government previously announced that it will not impose a complete ban on cryptocurrencies like China has. Crypto assets are allowed to trade alongside commodity futures in Indonesia, but cannot be used as currency. The government is also pushing for a crypto exchange to be set up and Bank Indonesia is investigating a central bank digital currency (CBDC).

What do you think of Binance helping build a cryptocurrency exchange in Indonesia? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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