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On September 3, 2024, Busan Digital Asset Exchange (BDAE), led by CEO Sangmin Kim, signed a Memorandum of Understanding (MOU) with BitGo, the world's leading digital asset custodian, represented by CEO Mike Belshe, in Seoul, South Korea. This partnership aims to strengthen cooperation in the custody and trading of digital assets and Real World Assets (RWA).
Busan, South Korea's second-largest city and a major economic hub, is home to a thriving financial ecosystem and a designated blockchain special zone. BDAE, headquartered in Busan, plays a crucial role in the city's vision to become a global leader in blockchain technology and digital finance. This partnership with BitGo further cements Busan's strategic importance in the global digital asset landscape.
The agreement outlines a collaborative framework where BDAE and BitGo will work together on various aspects of digital asset trading and custody. BitGo plans to share its expertise in Web 3.0-based digital asset platform operations with BDAE as part of this partnership.
Sangmin Kim, CEO of BDAE, expressed that this collaboration with BitGo will solidify BDAE's position as a leading blockchain company and global exchange in South Korea and beyond. He emphasized that the partnership would contribute to the growth of the blockchain and digital finance industries.
Mike Belshe, CEO of BitGo, highlighted the company's extensive experience and technological leadership in the global market, stating that BitGo is well-positioned to provide services that align with BDAE's business objectives. BitGo, which manages approximately $70 billion in assets and has processed over $3 trillion in transactions, is recognized by the U.S. government as a qualified digital asset custodian.
Founded in 2013, BitGo provides services to digital asset exchanges, platforms, and regulatory bodies in over 50 countries. Notably, more than 20% of all on-chain Bitcoin transactions worldwide are processed through BitGo's infrastructure.
Youngro Lee, Head of BitGo's Asia-Pacific and RWA Division, noted the rapid convergence of traditional finance and digital assets, particularly in North America, Europe, and Asia. He emphasized BitGo's commitment to supporting BDAE's expansion beyond Korea into the broader Asian market through its global network and technological infrastructure.
BDAE, a key player in Busan's blockchain special zone, is committed to establishing itself as a fair and transparent 4th generation decentralized digital asset exchange. The company plans to enhance investor protection and list competitive RWA products as part of its growth strategy.
BDAE is also preparing for its role as the anchor enterprise in the "Busan Opportunity Advancement Zone (Finance)" and will host the BWB2024 event in Busan on October 28-29, where the exchange's current and future initiatives will be showcased.
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