Popular cryptocurrency exchange, FTX, inked a new deal with South Korea’s ‘Blockchain’ city of Busan to boost the development of blockchain related bussinesses and establish a local crypto exchange, “The Busan Digital Asset Exchange”.
According to a report by the Busan Metropolitan City department, Busan City and FTX will work together to develop and promote various blockchain-focused businesses. The agreement will foster blockchain-specialized education in connection with regional universities and launch projects in the Busan blockchain special free zone. The South Korean port city will also leverage FTX’s technology and infrastructure to establish its own cryptocurrency exchange.
The Deal to Make Busan a Specialized Blockchain City
FTX Investment Division CEO, Amy Woo, claimed that the crypto platform will establish a Korean FTX branch in Busan over the next 12 months in an effort to help the city ‘grow into a digital financial hub in Asia.’ On the othe hand, Busan City Mayor, Park Hyung-jun, emphasized that the business agreement with FTX will boost financial inclusion by providing more opportunities for those without easy access to financial services. He added,
“With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy by making Busan a specialized block-chain city. I will not stop.”
Last week, crypto exchange giant, Binance signed a Memorandum of Understanding (MoU) with Busan, to help the city develop its blockchain ecosystem and promote the Busan Digital Asset Exchange. As part of the agreement, the second-largest city of South Korea will receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem. Changpeng Zhao, CEO of Binance, said,
“We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts. Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond.”
#Binance signs an agreement with the City of Busan in South Korea 🇰🇷
From this agreement, we will provide tech and infrastructure support to develop the city’s blockchain ecosystem.
Stay tuned. You’ll see more of Binance in Busan soon!
➡️ https://t.co/B3jbpFOyvS pic.twitter.com/lizBvdfLCZ
— Binance (@binance) August 26, 2022
Busan to be One of the Most Vibrant Blockchain Hubs
In the recent times, Busan has been making headlines for its increasing efforts to make the city one of East Asia’s most vibrant blockchain hubs. Shin Chang-ho, director of the Future Industry Bureau of Busan Metropolitan City, said the blockchain technology has paved the way for Busan to transform into a financial hub and a global logistics center. Hyung-Jun asserted,
“By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”