Binance collaborates with Telekomunikasi Indonesia Tbk (Telkom Group), the largest telecommunication network in Indonesia to release a crypto exchange. Telkom is a state owned enterprise, with 52.09% of its shares belonging to the government.
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Binance has built a joint venture together with a multi-stage VC arm of Telecom Indonesia, MDI Ventures, meant to develop blockchain tech in the country.
In an announcement, published on December 14, Binance CEO Changpeng Zhao said that the cooperation has huge importance in the company's goal to develop the blockchain and crypto space worldwide. According to CZ, due to fast technological adoption and economic perspectives, Indonesia may grow into one of South Africa's top crypto hubs.
The consortium has had a big role in the formation of the largest tech ecosystems in Indonesia, which has a user base of over 170 M customers. In May 2020, Binance made a big investment in a popular regulated crypto platform in Indonesia, Tokocrypto.
A few days ago, the company acquired a large stake in Singapore-based licensed crypto exchange Hg Exchange(HGX).
Binance is the leader among crypto exchanges by its trading volume, which in the last 24 hours was $23.7 billion. The platform continues to expand its services and products along with building new partnerships and listing more tokens. The platform also revealed “Project Shield”, which adds another layer of user protection.