Binance Takes A New Step In Its Asian Expansion Strategy

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Binance, the world’s largest cryptocurrency exchange by trading volume, has partnered with MDI Ventures, the venture capital arm of PT Telekom Indonesia, to build a crypto trading platform. Binance maintains its expansion policy in the Asian continent.

Binance Signs With MDI Ventures

According to the joint announcement made today, the agreement will also aim to expand blockchain adoption across Indonesia, which is home to approximately 240 million people. Binance will provide asset management infrastructure and technology to help develop the new cryptocurrency exchange.

The agreement, however, will seek to increase the application of blockchain technology in Indonesia more broadly. The new partnership enables Binance to expand its operations in a country where it has already invested in crypto trading platform Tokocrypto.

Changpeng Zhao, CEO of Binance, stated: “Our goal at Binance is to grow the blockchain and cryptocurrency ecosystem globally with this initiative in Indonesia. With rapid technology adoption and strong economic potential, Indonesia could become one of the leading hubs of the blockchain and crypto ecosystem in Southeast Asia.”

Binance Strengthens Its Presence in Asia

MDI Ventures is a major Indonesia-based technology investment firm with a global portfolio exceeding $830 million across various industries. The identity of the other companies in the MDI-led consortium was not disclosed in the statement. Faced with significant regulatory restrictions in the second and third quarters of 2021, Binance aims to expand its presence in Asia. The Singapore subsidiary of major cryptocurrency exchange Binance recently acquired an 18% stake in Hg Exchange, a local private stock exchange.