By
Mayowa Adebajo
April 11th, 2024
As part of the arrangement, Huobi has also agreed to sponsor the Busan Blockchain Week at the end of October 2022.
Crypto exchange Huobi Global and its Korean branch have signed a Memorandum of Understanding (MoU) with the Busan Metropolitan City government to develop its local blockchain industry.
An official announcement from Huobi states that, as part of the cooperation, the company will support the Busan Digital Currency Exchange financially, technologically, and in terms of research and development. Huobi will also help the local exchange in Busan find and hire blockchain experts.
As part of the arrangement, Huobi has also agreed to sponsor the Busan Blockchain Week at the end of October 2022.
“The City of Busan is pleased to partner with Huobi to foster the growth of our blockchain ecosystem,” Heong-Joon Park, mayor of Busan, stated in a statement. “As a blockchain regulation-free zone, Busan offers a conducive environment to develop the latest digital financial technologies, which has attracted many blockchain companies from across the world.”
According to a statement from Huobi Korea CEO Junyong Choi, the alliance is largely driven by the company’s existing commercial relationships with Korean blockchain ecosystem players and the knowledge of the Huobi Research Institute and Huobi Academy.
“We believe that Busan has strong attributes for fostering innovation and growth and share their belief that blockchain technologies can transform and benefit traditional industries,” Choi stated.
Since 2019, Huobi has been conducting business in South Korea through a local office, which is governed by a license that was granted by the Korean Financial Services Commission last year.
Huobi is currently among the largest crypto exchanges with daily trading volumes of over $800 million.
Mayor Hyung-jun declared in August that he “will not quit” working to establish Busan as a blockchain hub. The city of Busan also signed an agreement with Sam Bankman-Fried’s cryptocurrency trading platform FTX in August 2022 to assist in creating Busan’s local exchange.
The memorandum of understanding (MOU) stated that the partnership would also promote the development of blockchain businesses in the coming months.
FTX, as part of the partnership, was also tasked with developing and advancing blockchain-specialized education in connection with regional universities as well as establishing initiatives in the city of Busan.