Binance partners with Indonesian venture capital firm

Binance has revealed it’s teaming up with Indonesian venture capital company PT Telkom to work on the country’s first digital exchange.

As part of the deal, Binance will seek to boost awareness for blockchain technology in general and find ways to introduce actionable solutions predicated on blockchain in citizens’ daily lives.

With 240 million people living in the country, the successful roll out of a digital crypto exchange could have significant implications for crypto businesses who manage to secure a license in the country. Binance will be deployed as a technical expert and advisor.

The company, which has been growing globally, will be looking to provide Indonesia with the technical and infrastructural nous to realize the project.

Binance CEO Changpeng Zhao welcomed the opportunity. “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 explained.

Zhao is confident that if Indonesia moves quickly enough, it may easily become one of the biggest centers for crypto and blockchain anywhere in the word.

“A leading blockchain and crypto ecosystem in Southeast Asia”, Zhao reaffirmed. PT Telkom is owned by MDI Ventures, a technology investment firm which is based in the country. It has invested over $830 million so far.

However, MDI has not revealed if it will seek the establishment of a digital exchange with only the help of Binance or whether it will try to secure other international entities.

Binance is facing some choppy seas in the Southeast Asia region. The company decide to walk away from the Singaporean market after run ins with the financial regulator.

Binance may operate from within the country but not offer services to the Singaporean market. Binance also revealed earlier this year that it will seek to launch back in the UK, after its local subsidiary was suspended.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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