Binance has formed a joint venture with a consortium led by MDI Ventures (MDI) to contribute to the development of the blockchain ecosystem in Indonesia.
According to the statement of Binance, the world’s largest cryptocurrency exchange in terms of trade volume, a new crypto money exchange will be established in Indonesia as part of the initiative created.
The infrastructure necessary for the management of the assets on the exchange and the technology necessary for the growth of the stock market will be provided by Binance.
MDI Ventures, which has a venture capital of 830 million dollars, operates under the country’s largest telecom company Telkom Indonesia.
Working together with Binance in the new venture in Indonesia, the consortium appeals to a total of 170 million customers across the country.
Changpeng Zhao, CEO of Binance, thinks Indonesia could become “one of the leading centers” of Southeast Asia in terms of the blockchain and cryptocurrency ecosystem.