Binance will set up a new crypto bourse in Indonesia through a joint venture with a local consortium.
Binane will establish a joint venture with a consortium led by MDI – the multi-stage venture capital arm of Telkom Indonesia, the country’s largest telecoms firm – according to a statement.
The consortium boasts more than 170 million consumers in Indonesia and the newly formed joint venture will seek to leverage Binance’s asset infrastructure and technology to «support the development of the new exchange platform».
«Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction,» said Binance founder and chief executive Changpeng Zhao. «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 Global Expansion
Despite a recent setback in Singapore where it made a retreat after failing to secure a crypto license, Binance continues to expand worldwide.
In addition to the latest move in Indonesia, Binance also recently announced a 100 million euro initiative to support the development of the French and European blockchain ecosystem.
Even within Singapore, it remains active with the acquisition of an 18 percent stake in private securities bourse Hg Exchange.
