Busan City announced a partnership with FTX, which will result in the building of a local exchange. Busan City is the second largest city in South Korea and the current administration is looking to expand and then tighten ties with crypto, as well as promote blockchain development in the city.
According to an official announcement issued by the Busan Metropolitan City on August 30, Sam Bankman-FTX Fried’s will assist in the creation of the Busan Digital Asset Exchange. The Bahamas-based company will also assist the city in promoting the development of the local blockchain sector. Busan City announced a partnership with FTX yesterday.
Busan City will build its own cryptocurrency exchange using FTX’s technology and infrastructure. FTX is also planning to promote blockchain-specific education through partnerships with local colleges and initiatives inside the city’s ‘Blockchain Special Free Zone,’ which was formed in 2019.
According to FTX Investment Division CEO Amy Woo, the business will open a Korean FTX branch in Busan within the next year to assist the city ‘develop into a digital financial center in Asia.’
The deal between the City of Busan and FTX follows another cooperation struck with Binance, the largest cryptocurrency exchange by trading volume. On August 26, the business and the city signed a memorandum of understanding to give technology and infrastructure assistance to the city’s blockchain development initiatives.
Binance CEO Changpeng ‘CZ’ Zhao was present for the announcement, which included Binance assisting the construction of cryptocurrency exchanges and numerous blockchain sectors. Binance and FTX are both planning to open offices in the nation within the next year.
Over the last five years, Busan has worked to develop itself as a blockchain hub in South Korea through numerous projects and collaborations. A lot of projects have used Blockchain technology since Busan was designated as South Korea’s Blockchain sandbox in 2019.
This includes the implementation of a proprietary blockchain-based identification system, cryptocurrency payment support for different services at its most popular beaches, and a blockchain-powered driver licensing platform.
South Korea’s Financial Intelligence Unit has also made a push to crack down on foreign-based exchanges operating within the country by 2022, while the Financial Services Commission is looking to expedite the review of 13 different bills related to cryptocurrencies currently sitting in the South Korean National Assembly.
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