Binance Holdings Ltd. is reportedly in talks to set up a cryptocurrency trading exchange in Indonesia. Hartono, Indonesia’s richest family and controlling owner of PT Bank Central Asia, along with interest in sectors such as telecom and e-commerce is one of the potential parties for the venture. A state-owned telecom operator called PT Telkom is another party reportedly in discussions to partner with the company.
There has been a lot of discussion about Binance, a major exchange, being influential in improving crypto adoption in Indonesia. The country recently announced a central bank cryptocurrency, and now it is pushing for a digital form of the rupiah to ‘fight’ private cryptocurrencies.
Crypto, as a form of digital currency, has been on the rise in recent times. But a recent decision by the Council of Religious Leaders in Indonesia to prohibit it for Muslims appears to have dampened the mood. In the same breath, Indonesia’s top leaders continue to tighten the rules around crypto.
This partnership also provides Binance with a firm footing in the Asian nation. All parties have not commented on the matter, and the deal is still being finalized.
Why and how Binance has expanded
In addition to Indonesia, Binance is planning to expand into the U.K. Binance has also come under fire from regulators globally. However, Binance aims to become a registered crypto-asset firm in the U.K in the next six to 18 months. Binance Asia has also applied for a license in Singapore to provide digital asset services in the country.
In a previous interview, Binance CEO Changpeng Zhao has expressed that Europe and the US are large markets. He also wishes to leverage it. And, Binance is currently focusing on working “closely with regulators all around the world,” according to CZ.
Binance Labs, which is part of the crypto exchange platform Binance, has just led a $1.5-million seed round for a SocialFi project.
Our team has been deeply exploring the Web 3.0 SocialFi landscape, and we are excited by what decentralization can do for the creator economy, as well as billions of daily social media users.
Ken Li, Investment Director of Binance Labs
How to Start a Cryptocurrency Exchange on Binance’s Binance Labs
The global digital currency exchange market is in a very exciting time. A lot of the big-name exchanges have had to shut down due to regulatory crackdowns, and the majority of crypto exchanges are still in the early stages of development. To keep up with the demand, we’re excited to announce that Binance will be launching Binance Labs in order to develop the next generation of innovative crypto projects and products. Binance Labs will be a place where people can experiment with their ideas and concepts by joining their dream teams in order to build the best blockchain products.
In conclusion, the team of developers behind Binance Labs is focusing on three major projects: a decentralized exchange, a community marketplace, and a wallet. The Binance Labs team is currently working on its own version of a decentralized exchange, called the Decentralized Exchange (DEX), and it has already released a testnet version of the DEX to its community. In addition, the Binance Labs team is building a decentralized marketplace, known as the Decentralized Marketplace (DEX), which will be powered by a tokenized voting system. The team is also working on the development of a multi-asset wallet, which will be used for the storage and transfer of cryptoassets.
Featured photo source unsplash.com
