Binance to create a new crypto exchange in Indonesia

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Binance will be launching a crypto exchange in Indonesia in partnership with MDI Ventures according to a press release issued last Wednesday, December 15. Specializing in blockchain technology, the project is said to focus on further developing cryptocurrency in the country and expanding the blockchain ecosystem at the same time. 

For its contribution, Binance will be overseeing the asset management infrastructure and supporting the technology that will be needed to complete the project. On the other hand, MDI will be working with Binance to ensure that the technology will fit in Indonesian telecommunication networks. 

Binance CEO Changpeng Zhao discussed his excitement to potentially improve the blockchain ecosystem of the country, according to an interview with Bitcoin News published last December 21. He also released a statement discussing what the current update is on the project and what some investors can expect. 

‘We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes and the way we work with regulators’, Zhao said. All of these developments are being made as Binance is working to set up offices and regulation structures in places around the world such as the UK. 

‘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’, Zhao shares. 

Binance has been in the crypto market since 2017 and is operating in over 180 countries around the world. Their upcoming project with MDI is one that will improve the state of the crypto market in Indonesia and allow more traders to use blockchain technology and experience trading with ease. 

MDI is the largest and most prominent telecommunications arm of Indonesia, worth around US$830 million. Their latest partnership with Binance has proved to be a worthy collaboration that will potentially improve the presence of the crypto market in Indonesia. 

As of now, there is no specific information about the project, when it will launch and what the platform will be offering to the public. 

Cryptocurrency is allowed in Indonesia but is prohibited to be used as a legal currency. Government officials, on the other hand, support the idea of a crypto exchange platform and are even considering a digital currency for their central bank. 

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