Binance to help City of Busan, South Korea, launch its own crypto exchange
“By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”
Binance has signed a Memorandum of Understanding (MoU) with the City of Busan, South Korea, in which the city will receive technological and infrastructure support from the crypto giant for the development of its blockchain ecosystem and promotion of the Busan Digital Asset Exchange.
The largest cryptocurrency exchange by trading volume will also share its order book with the Busan Digital Asset Exchange, as part of the agreement between the two parties.
Busan to become a blockchain-specialized city
CZ (Changpeng Zhao), CEO and Founder of Binance, said: “We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts. Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries.”
Heong-Joon Park, Mayor of Busan, commented: “With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets. By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub,”
Binance’s portfolio of crypto products and offerings includes trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions.
The company plans to develop and foster Busan City’s blockchain sector in a number of ways, including:
- Utilizing Busan’s blockchain regulatory-free zone to promote blockchain initiatives and businesses.
- Supporting blockchain-related research and investments in the city.
- Providing specialized blockchain education and online resources from Binance Academy.
- Advancing initiatives that promote societal well-being through Binance Charity.
- Helping with the organization of Blockchain Week in Busan in 2022 (BWB 2022).
Binance also has plans to establish a physical presence in Busan by the end of the year in order to help Busan to become one of East Asia’s most vibrant digital hubs.