Binance has announced its latest partnership with Indosat to develop a new decentralized crypto exchange that will be powered by blockchain technology. It is their first project in Southeast Asia and Indonesia, where Binance currently holds the highest volume of trading for any cryptocurrency exchange on Earth.
The “future of cryptocurrency 2021” is a partnership between Binance and Indonesian telco to develop a new crypto exchange. This partnership will allow the company to expand their reach by developing a new platform that has been designed with ease-of-use in mind.
a significant cryptocurrency exchange Binance has teamed with MDI Ventures, the venture capital arm of PT Telkom Indonesia, to launch a crypto exchange platform.
The partnership will also strive to extend blockchain usage across Indonesia, which has a population of approximately 240 million people, according to a joint release made on Wednesday.
Binance will supply asset management infrastructure and technology to help with the development of the new exchange platform. The partnership will also aim to expand the use of blockchain technology in Indonesia in general.
Binance will be able to expand its operations in a country where it already has a stake in crypto trading platform Tokocrypto thanks to the new partnership. Changpeng Zhao, the CEO and creator of Binance, stated:
“At Binance, our goal is to expand the blockchain and cryptocurrency ecosystem throughout the world, and our project in Indonesia is a big step in that regard.” Indonesia has the potential to become one of the key hubs of the blockchain and crypto ecosystem in Southeast Asia, given its rapid technological adoption and great economic potential.”
Binance is apparently looking for global wealth funds in return for a share.
MDI Ventures is a large Indonesian technology investment business with a worldwide portfolio worth more than $830 million with investments in a variety of sectors. The identities of any additional firms collaborating in the MDI-led consortium was not revealed in the announcement.
Binance is hoping to extend its reach throughout Asia after facing major regulatory limitations in the second and third quarters of 2021. Binance’s Singapore subsidiary has bought an 18 percent share in Hg Exchange, a local private securities exchange.
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