July 20, 2024

South Korea’s 2nd largest city Busan partners with FTX for a local exchange

Busan city, the second-largest city in South Korea which is commonly referred to as South Korea’s ‘Blockchain’ city, has partnered with the leading cryptocurrency exchange FTX to build a local crypto exchange. In addition, the partnership is also aimed at fostering blockchain development in the city.

According to the agreement according to a statement issued by the Busan Metropolitan City on August 30, FTX will assist in creating a local crypto exchange duped by Busan Digital Asset Exchange. The Bahamian-based crypto exchange led by Sam Bankman-Fried shall also support Busan city in fostering the growth of the local blockchain industry.

Busan City’s crypto exchange

Busan City will leverage FTX’s technology and infrastructure to build its own cryptocurrency exchange and promote blockchain-specific education in local universities and projects within the city’s ‘Blockchain Special Free Zone’ established in 2019.

FTX, through its Investment Division CEO, Amy Woo, said that it will establish a Korean FTX branch in Busan City in the next 12 months to help make Busan a digital financial hub in Asia.

Besides signing an agreement with FTX, Busan also partnered with Binance, the largest crypto exchange by trading volume, on August 26. Binance entered into a memorandum of understanding to provide infrastructure and technological support to the city for its blockchain development effort.

Both FTX and Binance are therefore set to establish a presence in South Korea over the coming 12 months.

From the time Busan was designated as South Korea’s Blockchain city in 2019, several projects have already been rolled out. These projects include a propriety blockchain-based ID system, a blockchain-powered driver’s license platform, and cryptocurrency support for various services.

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