The second largest city in South Korea, Busan is now set to launch its own crypto exchange. In a statement released today, the authorities confirmed that the project will kick-start in November and launch fully in 2024.
According to the announcement, no cryptocurrency would be listed on the exchange platform. Rather, it would allow users to trade tokenized commodities on a blockchain.
Meanwhile, Busan authorities plan to begin a public offering process in October. After the offering process, the government will select a business operator in November and register the exchange as a company. In addition, it was revealed that the exchange would be established with private capital while receiving administrative and monetary backing from the city.
Moving on, Busan also wants to initiate a 100 billion won ($75 million) fund to advance the development of blockchain technology. Similarly, the city is working towards coming up with the mainnet development of the exchange and hopes to ensure that it is compatible with major networks like Ethereum and Cosmos.
Binance, Crypto.com, others aiding the development of Busan crypto exchange
Worth noting that this development comes barely a year after Binance collaborated with Busan. As revealed, the exchange reached an agreement with the city in order to support the city’s blockchain infrastructure, boost crypto adoption and business development.
Without any doubt, the partnership facilitated the imminent launch of Busan’s crypto exchange. Busan hopes to continuously receive technological and infrastructural aid from Binance to aid its digital asset economy.
Last October, Busan also collaborated with cryptocurrency exchanges Crypto.com and Gate.io to further grow its blockchain ecosystem. The agreement enabled the two exchanges to establish regional offices across the city of Busan. Also, crypto.com and Gate.io have been supporting the development of the city’s first cryptocurrency exchange.
Gate.io plans to train thousands of local blockchain professionals in the city every year. Crypto.com on the other hand remains committed to supporting the expansion of local blockchain startups in Busan.
Apart from Binance, Crypto.com, Gate.io, Busan also maintains good relationships with Huobi. According to findings, Huobi has been contributing to research and technological development of the planned crypto exchange.