- Binance is working with a group led by MDI Ventures to expand the blockchain ecosystem.
- This venture is aimed at the fourth most populous country in the world — Indonesia.
- All parties involved are hoping to grow together as partners.
One of the biggest names in the blockchain and crypto industry — Binance, has struck a joint venture with a group led by MDI Ventures (MDI). Together, the entities plan to expand the blockchain ecosystem in Indonesia.
In detail, this team is aiming to boost the development of blockchain in Indonesia by developing a new Indonesian-based digital asset exchange. Indeed, this is an exciting venture for the nation as well as the entire crypto industry.
The Founder and CEO of Binance — Changpeng ‘CZ’ Zhao, says:
“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. 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. We are thrilled to name MDI as our latest partner in the region. With their depth of experience in the market, we are confident that we will deliver leading products for users locally.”
To highlight, MDI is an $830+ million multi-stage venture capital. In fact, it is the arm of Indonesia’s largest telecoms company — Telkom Indonesia. With roots so strong, it looks like the Indonesian crypto community will be in good hands.
Accordingly, the CEO of MDI — Donald Wihardja, said that cryptocurrencies, crypto assets, and blockchain technology have much to offer. For instance, they present an undeniably imperative part of the digital and financial future infrastructures. “MDI, as Telkom’s technology investment arm and technology scout, is very excited to participate in this journey.”
He also says that MDI is looking forward to growing with Binance as well as its investment partners. Above all, it hopes to bring greater technology and opportunities to Telkom. Certainly, this will help upgrade Indonesia’s capabilities in the ever-growing digital infrastructure.
Meanwhile, Binance will bring world-class asset management infrastructure as well as the latest technology. No doubt, Binance’s expertise in these areas will help support the development of the upcoming exchange platform.
So far, the group has collectively developed what is the biggest financial and digital technology ecosystems in Indonesia. To note, they have access to over 170 million consumers in Indonesia — the world’s fourth most populated country.
Lastly, this joint venture is in line with Binance’s big-picture strategy to expand the global blockchain ecosystem. Likewise, this decision came right after the brand’s €100 million initiative to support the development of the European and French blockchain ecosystem. Recently, Binance also made a ‘Binance Asia Services’ investment in Singapore-based Hg Exchange (HGX).
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