South Korea’s blockchain city Busan enclosed a deal with FTX to develop its own crypto exchange and promote blockchain-based businesses.
The ongoing bear market has not bothered several countries to expand their crypto sector. Countries from every corner are making a bullish move to be a participant in the crypto race. The increasing adoption and hype of the cryptocurrency industry have made numerous platforms accelerate the crypto trend line. Recently, South Korea’s second-largest city came up with a partnership with crypto trading platform FTX to establish a local crypto exchange and foster blockchain development in the city.
Busan: The City Of Blockchain
According to a press release, the partnership between Busan City and FTX will focus on working together to develop and promote several blockchain-focused businesses and build the Busan Digital Asset Exchange. Regarding this, Busan, South Korea’s most populous city, signed a memorandum of understanding with global cryptocurrency exchange FTX on 30 August.
Sam Bankman-Fried’s FTX will provide technical and infrastructural assistance to Busan to develop and promote blockchain-based education in connection with regional universities and launch projects in the Busan blockchain special free zone, which was established back in 2019. Amy Wu, Head of Ventures and Gaming at FTX, stated, “FTX will launch its Korean office in Busan next year, and will help the city become Asia’s digital finance hub.”
Busan Digital Asset Grabs Attention
This partnership is in the pipeline to foster Busan’s Web3 plans to become a global blockchain and financial hub, which will draw the attention of the crypto community worldwide. Busan has been consistent in making bullish moves throughout this year as it had previously partnered with crypto exchange giant Binance to develop specialized blockchain-based content from Binance academy and establish the Busan Digital Asset Exchange. Binance stated that it would establish a presence in Busan by the end of the year.
Regarding Busan’s announcement, Mayor Park Hyung-jun said, “We will not stop in efforts to make Busan a blockchain hub. With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy.”
Busan special zone has developed several blockchain-specified products and applications usable by the general public. These include B Pass, a blockchain-based driving license, a local currency circulation-boosting service based on its digital ledger Busan Digital Voucher, the Citizen Safety Report, and B-Fresh, a seafood logistics service. Busan’s blockchain regulatory-free zone allows developers to bring blockchain-based proposals or projects to the city government that may not be given priority elsewhere in the country due to regulations.
Busan is continuously making positive moves in the crypto sphere and bringing opportunities to its potential investors. Busan aimed to secure a place as a blockchain hub in South Korea over the previous five years and successfully accomplished it. Busan was designated as South Korea’s Blockchain sandbox in 2019, so the city is expanding its growth further with innovative and emerging partnerships to achieve highs.
