Binance Partners with MDI Ventures on the Growth of Blockchain Ecosystem in Indonesia

​Fazzaco learned that Binance, one of largest crypto exchanges in the world, has established a joint venture with a consortium led by MDI Ventures (MDI), the $830 million multi-stage venture capital arm of Indonesia's largest telecoms company, Telkom Indonesia.

According to the press release, The joint venture is part of Binance's broader strategy to grow the global blockchain ecosystem. Binance will provide world-class asset management infrastructure and technology to support the development of the new exchange platform.

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

“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,”Changpeng Zhao, the Founder and CEO of Binance, said.

“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,”Donald Wihardja, CEO of MDI added.

Earlier this month, Binance announced that it was in talks with two of Indonesia’s largest companies​, PT Bank Central Asia and PT Telkom, to set up a cryptocurrency exchange in the Southeast Asian country.