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. The partnership also promotes blockchain development in the area.
According to the agreement, a statement issued by the Busan Metropolitan City FTX will support the creation of a local crypto-exchange duped in Busan Digital Asset Exchange. Bahamian-based cryptocurrency exchange Sam Bankman-Fried will support Busan in supporting the growth of the 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.
Amy Woo, FTX’s Investment Division CEO, stated that the company will open a Korean FTX branch at Busan City within the next 12 month to make Busan a financial hub in Asia.
Busan, in addition to signing an agreement for FTX, also partnered on August 26 with Binance, which is the largest crypto exchange according to trading volume. Binance and FTX signed a memorandum in understanding to provide technical support and infrastructure to the city to help it develop its blockchain technology efforts.
Both FTX, and Binance will therefore be present in South Korea during the next 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.