Binance has partnered with MDI Ventures, PT Telkom Indonesia’s venture capital arm, to set up a crypto exchange platform.
According to a announcement, the agreement will also seek to expand blockchain adoption throughout Indonesia, which is home to about 240 million people.
To help with the development of the new exchange platform, Binance will offer asset management infrastructure and technology. The agreement will also seek to increase the application of blockchain technology in Indonesia more broadly.
The new partnership would allow Binance to develop its operations in a nation where it already has an investment in crypto trading platform Tokocrypto.
MDI Ventures is a key Indonesian technology investment firm, with a global portfolio worth over $830 million across several industries. The statement did not reveal the identity of any other companies involved in the MDI-led consortium.
Binance, which faced significant regulatory restrictions throughout the second and third quarters of 2021, is now aiming to expand its presence across Asia.
