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Huobi is now the third major crypto exchange Busan has tapped for its local crypto exchange project

Busan Metropolitan City already partnered with Sam Bankman-Fried's FTX and Binance, the world's largest crypto exchange by volume.

Busan, South Korea / Image by: Wikimedia Commons

Thu, 15 Sep 2022, 11:06 am UTC

The South Korean city of Busan is making sure that it gets all the help it can for its local crypto exchange and blockchain-related projects. The latest crypto industry heavyweight tapped by the city government is Huobi Global.

Huobi Global and its local branch signed a memorandum of understanding with the Busan Metropolitan City government to participate in the development of the city’s blockchain industry, Cointelegraph reported.

Huobi announced that it will provide research and development, technology, and financial support for the local crypto platform Busan Digital Currency Exchange. The company will also assist in the acquisition and onboarding of blockchain talent for the local crypto exchange.

Huobi has had a local office in Busan since 2019 and eventually received a mandatory regulatory license in 2021 from the South Korean Financial Services Commission. Huobi highlighted its operational experience in the South Korean market as a very important factor that can help Busan achieve its goal of becoming a crypto and blockchain hub.

In a statement, Huobi Korea CEO Junyong Choi assured that the company’s business ties with the blockchain ecosystem participants in the country and that the Huobi Research Institute and Huobi Academy’s expertise in the field could prove invaluable assets in helping Busan achieve its goals. “We believe that Busan has strong attributes for fostering innovation and growth, and share their belief that blockchain technologies can transform and benefit traditional industries,” he said.

As part of its agreement with the city, Huobi will help sponsor the Busan Blockchain Week which is scheduled at the end of October 2022. With the agreement, Huobi becomes the third major crypto exchange tapped by Busan for its crypto and blockchain projects.

Last month, Busan Metropolitan City also partnered with Sam Bankman-Fried's FTX to help it establish the Busan Digital Asset Exchange. The city also partnered with Binance, the world’s largest crypto exchange by trading volume.

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