After Binance, the Korean city of Busan cooperates with FTX to launch crypto exchange.
South Korea’s large port city has long had ambitions to become a crypto and blockchain hub, including the creation of an exchange that it would manage itself.
In a memorandum of understanding (MOU), Busan won approval from Bahamian crypto exchange FTX. The exchange will help Busan develop its own digital asset exchange. It will provide technical and infrastructural assistance to Busan.
FTX will further generate and promote blockchain-focused education with local universities and projects in the Busan blockchain unregulated area.
Binance, Busan ‘s partner
South Korea’s second-largest city has recently made great strides in its plans to become a “global digital finance hub. Benefiting for a few years from a special regulatory status for technological developments related to blockchain, it has experienced some delays that now seem behind it. In fact, this August saw it join forces with two leading exchanges in the crypto industry to develop the city’s ecosystem and its “Busan Digital Asset Exchange”.
First, it signed a memorandum of understanding with Binance for infrastructure and technology support. As part of this, the CZ platform has committed to several things. First, to “establish a presence in Busan by the end of the year”. Also to “support blockchain-related research and investment in the city”. Finally to “provide specialized blockchain education and online resources” from its educational arm Binance Academy.
Binance CEO and founder Changpeng Zhao made the announcement, saying, “With our industry leadership and technology expertise, combined with the strong support of the city of Busan for the blockchain industry, we hope to help expand crypto adoption in the city and beyond. .”
A new cooperation also with FTX
Indeed, just a week later, its big rival signed a business agreement with the city. According to the statement of the municipality, its role will be quite similar: develop the “Busan Digital Asset Exchange”, promote various companies focused on blockchain and disseminate dedicated education, in connection with regional universities.
Amy Woo, CEO of FTX Investment Division, said the exchange will establish a South Korean branch in Busan within the next year as it supports the city’s efforts to spur the growth of the domestic blockchain sector.
