As per a collaborative release made on Wednesday, the collaboration would also strive to expand blockchain use across Indonesia, which has a population of over 240 million people.
Binance will supply asset management technology and infrastructure to aid in the creation of the future exchange platform. The partnership would also aim to broaden the application of blockchain technology in Indonesia.
The strategic union allows Binance to expand its operations in a country where it currently has a stake in the crypto trading site Tokocrypto.
MDI Ventures is a large Indonesian technology investment business with worldwide operations worth more than $830 million across several sectors. The identities of any additional firms collaborating in the MDI-led consortium were not revealed in the announcement.
Binance, which suffered major legal constraints in the second and third quarters of 2021, is now looking to extend its footprint across Asia. Binance’s Singapore subsidiary has bought an 18 percent share in Hg Exchange, a local private securities exchange.