Crypto exchange heavyweight Binance has reportedly forged an alliance with MDI Ventures – the venture capital division of PT Telkom Indonesia – to set up a local crypto exchange platform.

Specifically, as revealed on December 15th, the agreement will reportedly also have an alternative goal of amplifying blockchain adoption across Indonesia, which currently hosts approximately 240 million people.

In order to offer support with the design of the new exchange platform, Binance will reportedly offer asset management infrastructure and technology. 

The agreement will further aim to amp up the application of blockchain technology throughout Indonesia in a broader manner.

The freshly forged alliance will reportedly offer Binance the ability to develop its operations in a country where it has previously made an investment in crypto trading platform Tokyocrypto. 

“Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction. With fast technology adoption and strong economic potential, Indonesia could become one of the leading centers of the blockchain and crypto ecosystem in Southeast Asia.” Changpeng Zhao – founder and current Head of Binance – additionally remarked regarding the development. 

MDI Ventures reportedly functions as a high-profile Indonesia-headquartered technology investment establishment, possessing an international portfolio equivalent of more than $830 million throughout numerous sectors. 

The statement has reportedly not disclosed any revelations regarding the identity of any other firms associated with the MDI-led consortium.

Binance is reportedly having plans down its pipeline to increase its footprints throughout the Asia continent. The Singapore affiliate of cryptocurrency trading giant Binance has recently completed the acquisition of an 18% stake in Hg Exchange, a local private securities exchange.