Report says Binance is currently in some discussion with the richest family in Indonesia to set up a cryptocurrency exchange platform in Indonesia.
Binance, which is the largest crypto exchange platform in the world going by volume of transactions, may be considering setting up a crypto exchange to locally serve the Indonesians.
Taking from a report by Bloomberg, Binance Inc. and the siblings Budi and Michael Hartonos are in talks on the establishment. The billionaires are the siblings behind the controlled PT Bank Central Asia (BCA), and PT Telkom Indonesia.
PT Telkom being the largest telecommunications company in the whole of Indonesia that’s state-owned.
As seen from the Bloomberg’s report, the PT Bank Central Asia (BCA) may be entering into some kind of partnership with Binance. This partnership may come under the umbrella of a separate name different from BCA and with separate terms. This however, will be the second crypto exchange deal for Binance in Indonesia if concluded. The first deal, being the one made in the form of partnership with Tokocrypto, a crypto trading platform.
It is therefore reasonable that the combo of the richest family in the whole of Indonesia alongside the largest telecommunications company will further establish the roots of the crypto exchange platform, Binance and allow for a more rapid spread, acceptability and expansion in the country.
Also with the welcoming atmosphere that is presented by the Indonesian government toward crypto exchange plus the view of the crypto space as an investment option, Binance might be set to have a sweet experience as well as faster acceptability.
Binance however faced challenges regarding regulations earlier this year. This transpired all during the second and third quarters of their year, 2021. Now, Binance is set to establish further in the Asia Pacific region. Not long ago did the arm of the crypto exchange giant in Singapore obtained a stake of about 18% in one local and private securities exchange platform called Hg Exchange. Binance, on top of that led a funding round which raised $1.5 million in funding for the BBS Network. The BBS Network is a token-major messaging platform which is based in Asia.
Quite obviously, Binance is in the midst of lots of investments, acquisitions and fundings. This is a trend obtained across several locations and branches or Binance across the world. Apart from the fundings and deals ongoing in the Asian regions, Binance’s sister company in the US is also almost completing a funding. In fact, it is said to be in its final stage of the funding. A funding which amounts to multi millions of dollars. This was made known by Changpeng Zhao, the CEO (Chief Executive Officer) of the entire global company.
We await to see how the partnership and deals help the company to register their footprint in the Asian region and become a crypto exchange of immense acceptance and popularity in Indonesia just like it has successfully done in other continental regions.