Seychelles-headquartered blockchain and cryptocurrency infrastructure provider Binance has established a joint venture with a consortium led by MDI Ventures (MDI) to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.

MDI is a US$830+ million multi-stage venture capital arm of Indonesia’s largest telecoms company, Telkom Indonesia.

Under the agreement, Binance will provide asset management infrastructure and technology to support the development of the new exchange platform.

The consortium has collectively developed the biggest digital and financial technology ecosystems in Indonesia, and have access to more than 170 million consumers in the world’s fourth most populous country.

Changpeng “CZ” Zhao, Founder and CEO of Binance, said: “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 centres of the blockchain and crypto ecosystem in Southeast Asia. We are thrilled to name MDI as our latest partner in the region. With their depth of experience in the market, we are confident that we will deliver leading products for users locally.”

Donald Wihardja, CEO of MDI, added: “Cryptocurrencies, crypto assets, and the underlying technology, blockchain, present an undeniably important part of the financial and other digital infrastructures in the future.

“MDI, as Telkom’s technology investment arm and technology scout, are very excited to participate in this journey. We look forward to growing with Binance and our investment partners, and bridging the opportunities and technologies to Telkom to help upgrade Indonesia’s capabilities in this digital infrastructure.”

The joint venture is part of Binance’s broader strategy to grow the global blockchain ecosystem, the company explained in a statement.

The news follows the recent announcements on Binance’s €100 million initiative to support the development of the French and European blockchain ecosystem, as well as Binance Asia Services’ investment in Singapore-based Hg Exchange (HGX).