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Binance Expands Blockchain Ecosystem in Indonesia With MDI-Led Consortium

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Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has announced that it is establishing a joint venture with a consortium led by MDI ventures (MDI) to expand the blockchain ecosystem in Indonesia. The collaboration will develop a new Indonesian-based digital asset exchange.  

Binance and the Consortium

MDI is a multi-stage venture capital arm of Telkom Indonesia, the country’s largest telecoms company. 

To develop the new exchange, Binance will be providing asset management infrastructure and technology. The consortium has access to over 170 million consumers in Indonesia, and it has developed the biggest digital and financial technology ecosystems in the country.

Changpeng “CZ” Zhao is Founder and CEO of Binance.

“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 said. “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.”

Donald Wihardja is CEO of MDI. 

“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,” Wihardja 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.”

Binance’s Strategy to Grow Global Blockchain

The new announcement follows Binance’s recent 100M EUR initiative to support the development of the blockchain ecosystem in France and Europe. The initiative, termed Objective Moon, is aimed at helping France and Europe become a leading global player in the blockchain and crypto industry. It will feature a new Binance R&D hub in France, a Decentralized Ledger Technology (DLT) accelerator, and an online education program. 

The news also follows the announcement of Binance Asia Services’ investment in Singapore-based Hg Exchange (HGX). HGX is Southeast Asia’s first member-driven private securities exchange, and it was created by leading financial institutions PhillipCapital, PrimePartners, and Fundnel. 

The new venture is a big step towards creating the top Indonesia-based digital asset exchange, and it will go a long way in encouraging more initiatives to be launched in the country.

Alex McFarland is a Brazil-based writer who covers the latest developments in artificial intelligence & blockchain. He has worked with top AI companies and publications across the globe.