South Korean city Busan signed an agreement with cryptocurrency exchange FTX to develop the blockchain industry and create infrastructure for trading digital assets.
According to press release, cooperation with FTX is part of broader plans by the authorities to turn the city into a hub for digital finance.
The crypto company will promote and support educational programs in the field of DLT in collaboration with regional universities and launch projects in the Busan Blockchain special zone.
FTX will provide the city with technological and infrastructural support in establishing the Busan Digital Asset Exchange.
According to Amy Wu, head of FTX’s Investment Division, within a year the exchange will open its Korean branch in the city.
\”Through this agreement we will help create the Busan Digital Asset Exchange and drive a new growth engine for the local economy, making the city a specialised blockchain hub,\” said Busan mayor Park Hyun-joon.
On 26 August, the cryptocurrency exchange Binance signed a memorandum of understanding with the city authorities. The agreement envisages similar objectives to the Busan-FTX partnership, including launching a trading platform for digital assets.
Binance also said it would have a presence in the city by the end of 2022.
\”With our position in the industry and technological know-how, combined with the city’s decisive backing of the blockchain industry, we hope to contribute to the spread of cryptocurrency in Busan and beyond,\” commented Binance CEO Changpeng Zhao on the agreements.
Seven major Korean brokerages, including Mirae Asset Securities and Samsung Securities, plan to launch cryptocurrency exchanges in 2023, according to local media.
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