Binance Partners with MDI-led Group to Build Crypto Exchange in Indonesia

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Binance’s role in the project will involve supplying asset management infrastructure and technology to sustain the expansion of the new exchange.

Binance, the world’s largest cryptocurrency exchange, is all set to collaborate with a consortium led by MDI Ventures, a corporate venture capital initiative by Telkom Indonesia, for the inauguration of a new digital asset exchange in Indonesia.

According to the Chief Executive Officer of Binance Changpeng Zhao, Binance is currently looking out for prosperous avenues to develop Blockchain and cryptocurrency environments around the world, hence the massive step to erect an exchange in Indonesia. According to CZ, Indonesia has the potential to become one of the frontrunner nations for the development of Blockchain and cryptocurrency with its acing technology and impressive economic prowess.

The consortium that has partnered with Binance consists of digital and fintech firms that are known to have a significant clientele of approximately 170 million consumers in Indonesia, one of the largest countries in the world in terms of population. MDI Ventures is a major Indonesian Technology investment firm, with an international portfolio valued at over $830 Million across various industries. However, the announcement did not disclose the names of any other companies involved in the MDI-led consortium.

Binance’s role in the project will involve supplying asset management infrastructure and technology to sustain the expansion of the new exchange.

The previous week, Binance’s associate in Singapore invested in Hg Exchange, a private exchange established by an alliance of leading capital market intermediaries. This latest deal was supposed to furnish Binance with a post-money stake of 18% in HGX. The market operator license by Singapore’s monetary authority was issued to HGX this year. However, two days ago, the Singapore affiliate of Binance withdrew its local application, shutting down its digital payment token business in a relatively crypto-friendly company. While the firm did not give any particular reason for its decision, it has been on the receiving end of global scrutiny following its unobtrusive withdrawal.

Even though the company is only four years old, Binance’s growth rate has always been fascinating. The company has managed to become the number one cryptocurrency exchange in terms of trading volume, keeping up with its winning streak. According to Binance’s website, the company’s main trading platform observes daily trading volume worth $2 Billion and more than 1.4 million transactions per second.

Prior to this announcement, Binance was allegedly in conversation with PT Bank Central Asia, headed by billionaire brothers Budi and Michael Hartono, and Telkom Indonesia (Indonesia’s largest telecom operator), on the idea of running a novel venture. While the Hartonos are Indonesia’s richest family, the Indonesian government holds around 52% of Telkom Indonesia. The latest crypto venture by Binance will allow it to tap into the growing country of 273 million people.

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Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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