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Crypto exchange Binance to help develop Busan’s blockchain ecosystem and promote its crypto exchange

Binance said that it plans to establish a presence in the City of Busan by the end of 2022.

Busan, South Korea / Image by: Wikimedia Commons

Sun, 28 Aug 2022, 07:56 am UTC

Binance, the world’s largest crypto exchange by trading volume, will be lending its expertise to help promote crypto adoption in the Korean City of Busan. The company will help the city develop its blockchain ecosystem and promote the Busan Digital Asset Exchange.

On Friday, Binance announced that it had signed an MOU with Busan Metropolitan City to help it attain its crypto and blockchain goals. Busan is South Korea’s second-largest city with a population of over 3.4 million and is situated on the southernmost point of the Korean peninsula.

“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,” the crypto exchange said. “Another form of cooperation between the two parties will be order book sharing.”

The crypto exchange outlined the ways it plans to foster and develop the city’s blockchain industry. These include “utilizing Busan’s blockchain regulatory-free zone to promote blockchain initiatives and businesses, supporting blockchain-related research and investments in the city, providing specialized blockchain education and online resources from Binance Academy, advancing initiatives that promote societal well-being through Binance Charity, and helping with the organization of Blockchain Week in Busan in 2022 (BWB 2022).”

Binance said that it plans to establish a presence in the city by the end of 2022. The crypto platform aims to become the driving force that would propel Busan in becoming one of the top crypto and blockchain hubs in East Asia.

“With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets,” Busan Mayor Heong-Joon Park said. “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.”

“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,” Binance CEO Changpeng Zhao said. “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.”

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