South Korea’s second-largest city Busan has declared a partnership with crypto trading platform FTX to build a local crypto exchange and foster blockchain development. It continues to establish partnerships to foster the growth of the cryptocurrency industry.
According to an official statement from the Busan Metropolitan City on August 30, Sam Bankman-Fried’s FTX will help establish the Busan Digital Asset Exchange. The Bahamian company will support the city in stimulating the growth of the local blockchain industry.
The city of Busan will make use FTX’s technology and infrastructure to create its own digital currency exchange. FTX aims to promote blockchain education in local universities and programs within the city’s ‘Blockchain Special Free Zone, which was established in 2019.
According to Amy Woo CEO of FTX Investment Division, the company will open a Korean FTX branch in Busan over the next 12 months in an effort to help the city ‘grow into a digital financial hub in Asia.’
The City of Busan agreement with FTX is a continuation of its partnership with Binance, the largest digital currency exchange by trading volume. The company and city signed a memorandum of understanding on Aug. 26 to provide technological and infrastructure support to the city’s blockchain development efforts.
Binance CEO Changpeng ‘CZ’ Zhao was present along with Busan Mayor Heong-Joon Park for the announcement, which entails Binance supporting the establishment of cryptocurrency exchanges and various blockchain industries. Both Binance and FTX are set to establish a presence in the country over the next year.
Over the past five years, Busan has worked to position itself as a blockchain hub in South Korea through various initiatives and partnerships created to achieve this goal. Since Busan was chosen as the blockchain sandbox in South Korea in 2019, many projects used this technology.
This included the roll-out of a proprietary blockchain-based ID system, cryptocurrency-payment support for various services at its most popular beaches as well as a blockchain-powered driver’s license platform.
The South Korean financial intelligence unit has also been updated by 2022 to monitor foreign transactions at the internal level, while the Financial Services Commission will review 13 different bills related to cryptocurrencies currently sitting in the National Assembly of South Korea.
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