South Korea’s second Largest City, Busan has partnered with two popular cryptocurrency exchanges Crypto.com and Gate.io. Busan announced the development in a press release on Wednesday. As revealed, the partnership aims to grow the city’s blockchain ecosystem.
As stipulated in the partnership, Crypto.com and Gate.io pledge to create regional offices in the city. Also, both exchanges will offer technology and infrastructural support to aid the building of its first cryptocurrency exchange. More so, Crypto.com intends to support the growth of local blockchain startups in the city. Gate.io on the other hand intends to offer training to thousands of local blockchain professionals in the city every year.
Meanwhile, Crypto.com and Gate.io will take part in the upcoming Blockchain week in Busan(BWB) event. The event is scheduled to hold between October 27 to October 29. The event will feature keynote speeches from global crypto leaders and over 300 booths of blockchain tech firms.
Busan engaging in numerous partnerships to grow its digital asset economy
Notably, the partnership makes Crypto.com and Gate.io the fourth and fifth crypto exchange lto collaborate with the city. Recall that Busan had earlier signed agreements with exchanges such as Binance, FTX, and Huobi Global. The city partnered with Binance exchange to bring encourage wider adoption of innovative technologies in the city. As revealed, the exchange will offer technical and infrastructural support to Busan City. Also, Binance aims to support Busan Digital Asset Exchange to increase citizens’ participation in the crypto economy.
Then, the Binance Ceo, Changpeng Zhao, said the exchange “is excited to bring blockchain development to the city.” He further that Binance is willing to bring development that supports the city’s innovation efforts.
Similarly, Busan City also partnered with Bahamas-based crypto exchange FTX to launch its local cryptocurrency exchange. As revealed, Busan intends to use FTX advanced technology and infrastructure to boost blockchain development in the city.
Furthermore, the city collaborated with Huobi Global exchange and its subsidiary, Huobi Korea. As stipulated in the partnership with Busan City, Huobi Global will together offer research and development, technology, and financial aid to Busan Digital Currency Exchange. Also, Huobi will recruit workers for the Busan exchange
Worth noting that the city had earlier been designated as a blockchain regulation-free zone in 2019. This designation led to the unrestricted introduction of blockchain ideas and projects to the city by blockchain developers. Busan, through the designation, intends to establish itself and become the center of Asia’s digital hub.