“At Binance, our objective is to expand the blockchain and cryptocurrency environment internationally, and our project in Indonesia is a key step in that direction,” Binance founder and CEO Changpeng Zhao (commonly known to as CZ) stated in a news statement on Wednesday.
“With rapid technological uptake and significant economic capability, Indonesia has the prospects of becoming one of Southeast Asia’s major hubs for the cryptocurrency environment,” he said.
The coalition of digital and fintech firms cooperating with Binance is reported to have exposure to over 170 million users in the country. Binance said that it would help the establishment of the new exchange by providing asset management infrastructure and technology.
Binance’s Singapore-based subsidiary has invested in Hg Exchange (HGX), a regional private securities exchange. Binance will acquire an 18 percent post-money interest in HGX, which was awarded a market operator license by Singapore’s central bank earlier this year.
Binance was founded just four years ago and has grown swiftly to become the world’s biggest cryptocurrency exchange by trading volume, as per CoinGecko. As per its website, Binance’s primary trading platform has an average daily trading volume of $2 billion and more over 1.4 million transactions per second.