Fun

Binance Developing Crypto Exchange in Indonesia

News Feed - 2021-12-19 12:12:25

Binance Developing Crypto Exchange in Indonesia


Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm. Binance aims “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.” Binance Building Cryptocurrency Exchange in Indonesia


Blockchain and cryptocurrency infrastructure provider Binance announced Wednesday that it has established a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm, MDI Ventures (MDI). Telkom Indonesia is the country’s largest telecoms company.


The aim of the joint venture is “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange,” the announcement details, elaborating: Binance will provide world-class asset management infrastructure and technology to support the development of the new exchange platform.


“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,” Binance CEO Changpeng Zhao (CZ) commented.


Zhao revealed last week, “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.” He detailed specifically that his company is “in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the U.K.”


This week, Binance announced that it is shutting down its crypto exchange in Singapore. “Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore,” explained Zhao.


The Indonesian government has previously indicated that it will not impose an outright ban on cryptocurrency as China did. Crypto assets are allowed to trade alongside commodity futures in Indonesia but cannot be used as a currency. The government is also pushing to set up a crypto exchange and Bank Indonesia has been exploring a central bank digital currency (CBDC). Tags in this story binance crypto exchange, binance indo, binance indonesia, crypto exchange, Indonesia, indonesia crypptocurrency, indonesia crypto, indonesia cryptocurrency, indonesian crypto


What do you think about Binance helping to build a cryptocurrency exchange in Indonesia? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735% EXCHANGES | 2 days ago Binance Shutting Down Crypto Exchange Services in Singapore EXCHANGES | 5 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIMF Chief Economist Says ‘Regulation Is Absolutely Important’ for Crypto Sector Next articleSurvey Shows Millennial Millionaires Plan to Buy More Crypto Next Year Despite Price Volatility Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUSDC Sees Native Launch on Avalanche


USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge it via Ethereum. Now, Circle, the issuer of usd coin ... read more.New Cryptocurrency Bill Advances to Senate in Brazil Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735% Value Locked in Defi Continues to Slide, ETH Defi Dominates by 65%, Solana Transactions Reign Canaan Secures Order for 30,000 Bitcoin Mining Rigs From Genesis Digital Assets

News Feed

Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million
Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million Investment management firm Ark Invest says bitcoin is “li
Ethereum ETFs are coming — Here’s what you need to know
Alex O’Donnell4 hours agoEthereum ETFs are coming — Here’s what you need to knowAre you ready for the July 23 launch of nine spot Ethereum ETFs? Here"s what you need to know to start trading.3567 Total views21 Tota
RFK Jr. promises BTC strategic reserve, dollar backed by hard assets
Derek Andersen53 minutes agoRFK Jr. promises BTC strategic reserve, dollar backed by hard assetsThe presidential hopeful gave Bitcoin eloquent praise as a future support for the US economy and way to fix broken American
Why the Bitcoin halving matters for the future of decentralized finance
Savannah Fortis10 hours agoWhy the Bitcoin halving matters for the future of decentralized financeThe Bitcoin mining reward rate gets cut in half every four years, but this seemingly simple event carries with it deeply f
Terra Supporters Hope to ‘Defy the Odds’ by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity
Terra Supporters Hope to "Defy the Odds" by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) d
Bill on Digital Ruble Submitted to Russian Parliament
Bill on Digital Ruble Submitted to Russian Parliament A draft law devoted to the digital ruble has been filed with the State Duma, the lower house of Russian parliament. The legisl
Arijit Sarkar21 minutes agoTurkish Lira becomes top crypto trading pair on Binance in Sept 2023Turkish Lira accounted for 75% of all fiat volume in early September, which can be tied to the recent influx of crypto invest
Quicknode Raises $60 Million in Series B to ‘Fuel Blockchain Adoption’ and Expand Globally
Quicknode Raises $60 Million in Series B to ‘Fuel Blockchain Adoption’ and Expand Globally Web3 infrastructure firm Quicknode raised $60 million in a Series B funding round, ac
Bitcoin price closes in on all-time high as political and TradFi tone and tenor shift
Marcel Pechman2 hours agoBitcoin price closes in on all-time high as political and TradFi tone and tenor shiftBTC price rallied as an improved regulatory outlook in the US and a series of improvements in the Bitcoin ecos
De-Dollarization Escalates Amid US ‘Economic Warfare’ and ‘Error-Fraught’ Policies, Economist Says
De-Dollarization Escalates Amid US "Economic Warfare" and "Error-Fraught" Policies, Economist Says Economist Peter C. Earle says de-dollarization has begun, emphasizing that “
DCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy
DCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy On Tuesday, Digital Currency Group’s (DCG) mining subsidiary, Foundry Digital
Major Exchange LBank Wishes Lunar New Year via NASDAQ Billboard on Times Square NYC
Major Exchange LBank Wishes Lunar New Year via NASDAQ Billboard on Times Square NYC press release PRESS RELEASE. On 1st Feburary, 2022, LBank Exchange promoted the wishes to the wor