By
Benjamin Njiri
April 23rd, 2024
The city had previously contracted cryptocurrency exchange Binance to construct the Busan Digital Asset Exchange and build specialized blockchain products.
The South Korean port city of Busan has entered into a partnership agreement with crypto exchange FTX to create a digital asset exchange. According to the memorandum of understanding (MOU), the partnership will also target the development of blockchain businesses in the coming months.
A press release by the Busan Metropolitan City department on Tuesday morning stated that the latest development aligns with the city’s larger plans to become a global blockchain and financial hub.
The press release also added that FTX would further develop and advance blockchain-specialized education in connection with regional universities and establish initiatives in the city of Busan.
This includes the establishment of the Busan Digital Asset Exchange, for which FTX is tasked with providing technical and infrastructure assistance.
In 2020, the city of Busan was declared a “blockchain regulatory-free zone,” allowing developers to present the municipal administration with blockchain-related proposals or projects that might not be taken into consideration elsewhere in the nation due to laws.
The city has since seen the development of several blockchain-based products and applications for use by the general public. The blockchain regulatory-free zone now has B Pass, a blockchain-based ID service, Busan Digital Voucher, a local currency circulation-boosting service based on its digital ledger, the Citizen Safety Report, and B-Fresh, a seafood logistics service.
The city had previously contracted cryptocurrency exchange Binance to construct the Busan Digital Asset Exchange and build specialized blockchain products.
Mayor Park Hyung-jun, speaking after the announcement, stated that he ‘will not stop’ in efforts to make Busan a blockchain hub.
“With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy,” he stated.
Amy Wu, Head of Ventures and Gaming at FTX, also indicated that FTX will open its Korea office in Busan next year and assist the city in becoming Asia’s digital finance powerhouse.
FTX currently has upwards of 20 cryptocurrencies on its platforms, which includes many of the market leaders, like Bitcoin (BTC) and Ethereum (ETH), XRP, Binance Coin (BNB), Cardano (ADA), and some altcoins.
The exchange specializes in derivatives and leveraged products and offers a range of trading products, including derivatives, options, volatility products, and leveraged tokens.