Binance, the renowned crypto exchange, recently announced a partnership with PT Telkom Indonesian arm, MDI Ventures. The collaboration will see Binance developing a new crypto exchange for the region.
Both organizations issued a joint announcement recently stating how they will cater to 240 million people in the country. The partnership will help MDI Ventures gain Binance’s asset management technology and infrastructure. In addition, the collaboration will also help elevate the applicability of blockchain technology in the nation,
On the other hand, Binance will also benefit from the deal by gaining access to a crypto-friendly environment. This is not Binance’s first move in Indonesia as the exchange already invested in Tokocrypto, another cryptocurrency trading platform.
Changpeng Zhao, Binance Founder, and CEO talked about the latest partnership. According to Changpeng, Binance intends to promote the crypto and blockchain ecosystem worldwide, and the latest initiative is another huge step in that direction. Indonesia has immense economic potential and rapid technology adoption, making it a viable business space. As a result, the country could become a leading center of Southeast Asia’s crypto and blockchain ecosystem.
MDI Ventures is also a well-known technology investment organization, packing 830 million dollars in different sectors. Gaining the support of such an entity will help Binance make giant strides in the Indonesian market.
The crypto exchange recently faced regulatory repercussions, so its recent deals are an attempt to regain its market presence. Binance’s Singapore affiliate recently invested heavily in Hg exchange, purchasing its 18% stake.
The regional private securities exchange also packs a considerable user base in Singapore. Binance seems to be on the right path with such partnerships on display. Given the stature both ventures hold, the partnership will undoubtedly yield premium results.