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Binance establishes JV to grow blockchain ecosystem in Indonesia with consortium led by MDI Ventures

Felicia Tan
Felicia Tan • 2 min read
Binance establishes JV to grow blockchain ecosystem in Indonesia with consortium led by MDI Ventures
Through the JV, Binance seeks to develop a new Indonesian-based digital asset exchange.
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Binance, on Dec 15, announced that it has partnered with a consortium led by MDI Ventures to establish a joint venture (JV) that will grow the blockchain ecosystem in Indonesia.

The joint venture is part of the former’s broader strategy to grow the blockchain ecosystem around the globe.

MDI is the US$830+ million ($1.14 billion) multi-stage venture capital arm of Indonesia's largest telecoms company, Telkom Indonesia.

The consortium has collectively developed the biggest digital and financial technology ecosystems in Indonesia, and enjoys access to more than 170 million consumers in the world's fourth-most populous country.

Through the JV, Binance seeks to develop a new Indonesian-based digital asset exchange. It will also provide management infrastructure and technology to support the development of the new exchange platform.

The announcement comes just two days after Binance Asia Services, Binance’s Singapore affiliate, withdrew its application to run a bourse in Singapore.

See also: Citi introduces token services for institutional clients


See: Binance Singapore drops application for local crypto bourse, will close by Feb 13

Changpeng Zhao, founder and CEO of Binance, says the group’s ambition is to “grow the blockchain and cryptocurrency ecosystem globally”.

“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,” he adds.

See also: Sam Bankman-Fried bows to rescue from Binance's CZ as FTX Buckles

Donald Wihardja, CEO of MDI, says: "Cryptocurrencies, crypto assets, and the underlying technology, blockchain, present an undeniably important part of the financial and other digital infrastructures in the future. MDI, as Telkom's technology investment arm and technology scout, are very excited to participate in this journey. We look forward to growing with Binance and our investment partners, and bridging the opportunities and technologies to Telkom to help upgrade Indonesia's capabilities in this digital infrastructure."

Photo: Bloomberg

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