Crypto exchange Binance and a consortium led by MDI Ventures will establish a joint venture focused on developing blockchain technology in Indonesia, the company said in a press release on Wednesday.
The joint venture will create a new Indonesia-based digital asset exchange. Binance will provide infrastructure and support for the new exchange.
MDI is the venture capital arm of Indonesia’s largest telecom company, Telkom Indonesia.
Binance was reportedly in talks with PT Bank Central Asia, which is controlled by billionaire brothers Budi and Michael Hartono, and Telkom Indonesia, the country’s largest telecom operator, about a possible venture.