New signature – Binance wants to strengthen its presence in Indonesia through a new partnership that will allow it to develop a new cryptocurrency platform there. Indonesia has a significant demographic advantage, which could make it an essential target for crypto companies wishing to expand internationally.
End of the suspense: Binance’s new crypto exchange in Indonesia
Binance will write part of its future in Indonesia. Rumors of a possible collaboration with an Indonesian company to open a crypto exchange in the country have been proven to be true. According to a December 15, 2021 press release, Binance concluded an agreement with MDI Ventures, the venture capital arm of PT Telkom Indonesia.
The latter has like majority shareholder the government of indonesia. MDI Ventures manages a global investment portfolio valued at over $ 830 million across multiple industries.
Binance will provide the necessary infrastructure and technology to manage digital assets in order to develop a cryptocurrency platform in Indonesia. The collaboration also aims to develop the use of blockchain in the country.
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Indonesia, the future must-see destination for crypto companies?
Crypto regulation in Indonesia cannot be described as frankly favorable to the development of companies in the sector. Cryptocurrency payments are prohibited there, unlike trading of digital assets.
How to explain this strengthening of Binance’s presence in the country, knowing that the stock market was already present there via its majority stake in the local exchange TokoCrypto? According to data provided by the U.S. Census Bureau, at 1is July 2021, Indonesia is the fourth most populous country in the world – behind China, India, and the United States – with its 275 million inhabitants.
The size of the market could therefore explain this appetite of Binance for Indonesia. The CEO of the exchange, Changpeng Zhao, also believes that “Indonesia could become one of the main centers of the blockchain and crypto ecosystem in Southeast Asia.”
The deputy governor of the Central Bank of Indonesia, Juda Agung, had explicitly expressed the will of the institution to fight against cryptocurrencies by developing a digital currency. This speech seems to have fallen on deaf ears at a Binance who has decided to set up a new crypto exchange in the country.
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