Leading cryptocurrency exchange, Binance has signed a partnership deal with stakeholders in the city of Busan, South Korea. This development was announced in a blog post on its official handle on Friday. According to Binance, the deal will aid the growth of the city’s blockchain ecosystem. More so, the collaboration tends to facilitate the development of the Busan Digital Asset Exchange.
Notably, the City of Busan will bank on the collaboration to receive numerous technological and infrastructure support from Binance. This, as reported, tends to go a long way in aiding its digital asset exchange. Additionally, Binance and the City of Busan intend to collaboratively indulge in order book sharing.
According to Binance, it intends to utilize Busan’s blockchain “regulatory-free zone to promote blockchain initiatives and businesses.” Also, it plans to support every blockchain-related research and investment in the city. The crypto exchange will also avail special enlightenment programmes on blockchain and online resources through its academy to residents in the city.
Furthermore, Binance plans to advance initiatives capable of promoting societal well-being through its charity programme. Similarly, it will aid the organization of Blockchain Week in Busan in 2022 (BWB 2022).
Binance moves to establish its presence in Busan
As part of its expansion crusade, Binance intends to establish a presence in Busan. The exchange says it aims to facilitate the presence before the end of 2022. According to Binance, its presence tends to aid the city in the quest to become one of East Asia’s most vibrant digital hubs.
The CEO of Binance, Changpeng Zhao has reacted to the development. Zhao expressed the excitement of his team to work with the City of Busan. This, according to the CEO, tends to “bring tangible blockchain-related developments that benefit and support the city’s innovation efforts.” Zhao added that Binance plans to utilize its “Industry-leading position and technological expertise” in this partnership.
He commended the support given to blockchain industry by City of Busan, saying such tends to consequently grow crypto adoption within the city and beyond. The CEO said the exchange looks forward to its close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries.
Similarly, the Mayor of Busan City, Heong-Joon Park, also expressed his excitement with the partnership with Binance. According to him, the agreement places the city one step closer to “establishing the Busan Digital Asset Exchange.” He expressed optimism that the exchange will become “a global integrated platform for digital assets.”