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Busan partners with crypto exchange FTX for its crypto exchange and blockchain projects

The technology and infrastructure of FTX will be used by Busan City to establish its own crypto exchange.

Busan, South Korea / Image by: Wikimedia Commons

Thu, 01 Sep 2022, 00:52 am UTC

Busan, South Korea’s second-largest city after the capital Seoul, is moving full steam ahead with its crypto and blockchain development plans. The city has announced that it has partnered with the crypto trading platform FTX for setting up a local crypto exchange and promote blockchain development.

According to an official statement made on August 30 by the Busan Metropolitan City, Sam Bankman-Fried's FTX will help establish the Busan Digital Asset Exchange. The Bahamian-based company will help the city nurture the development and growth of the city’s blockchain industry.

The technology and infrastructure of FTX will be used by Busan City to establish its own crypto exchange. Within the city's "Blockchain Special Free Zone," which was formed in 2019, FTX plans to work with local universities and projects to promote blockchain-specific education.

In an effort to aid Busan in "growing into a digital financial hub in Asia,", Sam Bankman-Fried's FTX will open a Korean FTX branch in the city over the course of the next 12 months, according to FTX Investment Division CEO Amy Woo.

FTX’s agreement with the City of Busan came just days after the city also formed a similar partnership with Binance. The world’s largest crypto exchange by volume and city entered into a memorandum of understanding on Aug. 26 to provide technological and infrastructure support to the city’s blockchain development efforts.

“As part of the agreement, the City of Busan will receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange,” Binance said. “Another form of cooperation between the two parties will be order book sharing.”

Busan Mayor Heong-Joon Park and Binance CEO Changpeng 'CZ' Zhao were present for the announcement of Busan’s agreement with FTX. Both Binance and FTX plan to set up a presence in Busan next year.

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