Binance partners with MDI Ventures to expand into Asia

Binance’s expansion plans are in full gear, with the exchange seeking to establish new locations to tap into the global crypto boom. The latest strategy by the exchange is a partnership with MDI Ventures, the venture capital division of PT Telkom Indonesia.

press release issued by the two firms stated that this partnership would seek to expand the adoption of blockchain technology in Indonesia. If it is a success, the project could benefit around 240 million people in Indonesia.

Binance & MDI Ventures to boost the adoption of blockchain

Binance stated that it would offer the technology and infrastructure needed to create the new exchange platform. Additionally, it will allow BINANCE to boost its operations in Indonesia. Binance already has a presence in Indonesia, as it had previously invested in Tokocrypto, a crypto trading platform.

The CEO of Binance, Changpeng Zhao, commented on this partnership, stating,

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.

Zhao further noted that Indonesia could become a leading hub for blockchain adoption and cryptocurrencies in Southeast Asia. He mentioned that the country had “fast technology adoption and strong economic potential.”

The CEO of MDI, Donald Wihardja, mentioned the importance of digital assets and the underlying blockchain technology in the financial sector.

“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,” Wihardja noted.

MDI Ventures is one of the leading technology investment firms in Indonesia. The venture firm has a portfolio of more than $830 million across different industries. The press release did not offer additional details of the other companies included in the consortium led by MDI.

Binance expanding into Asia

Binance has had a tough year because of regulatory restrictions around the world. The exchange has faced regulatory scrutiny in the UK, Thailand, Singapore, Malaysia and other jurisdictions.

The exchange is currently focusing its expansion efforts in Asia. The exchange recently purchased an 18% stake on the Hg exchange, a local private securities exchange platform. The purchase happened as Binance withdrew its license application with the Monetary Authority of Singapore (MAS).

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