The implosion of the South Korean stablecoin project Terra may have dented general approval towards the cryptocurrency industry, but that has not stopped the second-largest city in South Korea from pursuing ambitious cryptocurrency and blockchain goals. Busan has announced a partnership with FTX to build business solutions powered by blockchain technology in the next few months.
As part of the deal, Sam Bankman-Fried’s exchange will work with the city of Busan to assist in the development of Busan Digital Asset Exchange while simultaneously fostering the growth and adoption of the blockchain ecosystem in the region.
In addition to the establishment of its own cryptocurrency exchange, Busan also plans to leverage FTX’s infrastructure and technology to develop and promote blockchain-specialized education in collaboration with local universities in the region. It also intends to unveil projects in the Busan blockchain special free zone that was set up in 2019.
Busan Mayor Park Hyung-jun commented on the latest agreement saying: “With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy by making Busan a specialized block-chain city. I will not stop.”
The Mayor stated earlier that the partnership aligns with the aim to make Busan a blockchain-specialized city by attracting international attention and boosting a new growth engine for the local economy. CEO of FTX Investment Division – Amy Woo- further revealed that FTX’s Korean branch in Busan is another goal that the exchange will complete within the next year to transform the city into a digital financial hub in Asia.
The agreement with FTX is coming days after Binance signed a Memorandum of Understanding (MoU) with the City of Busan. Similar to FTX’s agreement with Busan, Binance also plans on offering technological and infrastructural support for the development of the city’s blockchain ecosystem and the promotion and adoption of the Busan Digital Asset Exchange.
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