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Binance, MDI Ventures to develop local crypto exchange
The world's largest crypto bourse will work with a subsidiary of Indonesia's largest telecom company to capture rising domestic demand for digital assets.
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The world's largest crypto bourse will work with a subsidiary of Indonesia's largest telecom company to capture rising domestic demand for digital assets. (Shutterstock/File)
B
inance, the world's largest crypto trading platform, has established a joint venture with a consortium led by state-backed MDI Ventures to develop an Indonesian digital asset exchange amid rising domestic demand for crypto investments.
The consortium, whose lead is a subsidiary of top Indonesian telecommunications firm Telkom, aims to tap into the country's population of around 270 million people, only around 2 percent of whom have invested in crypto assets, according to a statement on Thursday.
“With fast technology adoption and strong economic potential, Indonesia could become one of the leading centers of the blockchain and crypto ecosystem in Southeast Asia,” Binance founder and CEO Changpeng Zhao said the statement.
Binance would provide asset management infrastructure and technology to support the development of the new exchange platform, he added.
Indonesia had around 6.5 million crypto investors in May, according to Trade Ministry data. Total crypto investment transactions grew fivefold in five months to more than Rp 370 trillion (US$25.8 billion) by May of this year.
Read also: Indonesia now has more crypto investors than stock market investors
