Crypto behemoth Binance is bringing a new dawn to South Korea’s blockchain industry – in particular the port city of Busan, which hopes to challenge other regional cities for the title of crypto hub.
The backing of Binance – currently the world’s leading blockchain ecosystem behind the largest cryptocurrency exchange by trading volume, according to CoinMarketCap data – is significant.
As part of a memorandum of understanding (MoU) it signed with the City of Busan, South Korea’s second-largest city will receive technological and infrastructure support from Binance for the development of its blockchain ecosystem and promotion of the Busan Digital Asset Exchange. Another form of cooperation between the two parties will be order book sharing.
“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,” Heong-Joon Park, Mayor of Busan, said in a statement on Friday.
Binance also said that it will be establishing a presence in Busan by the end of the year, which is expected to serve as a driving force for the city to become one of East Asia’s most vibrant digital hubs.
Binance plans to develop and foster Busan City’s blockchain sector by utilizing Busan’s blockchain regulatory-free zone to promote blockchain initiatives and businesses, supporting blockchain-related research and investments in the city, an helping with the organization of Blockchain Week in Busan in 2022 (BWB 2022), among other initiatives.