Binance, a leading blockchain and cryptocurrency infrastructure provider, has established a joint venture with a consortium of investors led by MDI Ventures to develop a new digital asset exchange in Indonesia.
As per a statement, Binance will provide asset management infrastructure and technology to support the development of the new exchange platform.
The joint venture is part of Binance’s broader strategy to grow the global blockchain ecosystem.
The news follows the recent announcements on Binance’s 100M EURinitiative to support the development of the French and European blockchain ecosystem and Binance Asia Services’ investment in Singapore-based Hg Exchange (HGX).
Last year, Binance acquired a controlling stake in Tokocrypto, a government-approved platform for trading cryptocurrency assets in Indonesia.
The consortium claims to have collectively developed the biggest digital and fintech ecosystems in Indonesia, with access to more than 170 million consumers.
“With fast technology adoption and strong economic potential, Indonesia could become one of the leading centres of the blockchain and crypto ecosystem in Southeast Asia,” said Changpeng “CZ” Zhao, Founder and CEO of Binance.
Also read: 6 ways digital assets can power Southeast Asia’s economy
Binance has been in the news for the past few months for all the wrong reasons. It has been under immense pressure from the market regulators of various countries across the globe.
Last month, Malaysia’s Securities Commission took action against Binance for illegally operating in the country. It is also facing legal actions by several other governments, including Italy, Germany, Poland, Japan, Thailand, Singapore, the US, and the UK.
In Indonesia, government support has been the strong tailwind for developing crypto-assets. It promotes regulations to ensure safe and responsible crypto asset investing activities through legally licensed crypto-assets brokers such as Pintu, Indodax, Tokenomy and Tokocrypto.
In 2018, the Indonesian Commodity Futures Trading Regulatory Agency (also known as Bappepti), under the Ministry of Trade of the Republic of Indonesia, had elected to regulate bitcoin and other crypto-assets as commodities.
As of June 2021, the Ministry of Trade reported that over 6.6 million investors joined the country’s crypto market, almost twice its 2.2 million public equities investors.
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