The city of Busan and FTX have announced a cooperation that will see the construction of a local exchange. The government of Busan, the second largest city in South Korea, is working to strengthen relations with the cryptocurrency industry and advance blockchain technology there.
The Busan Digital Asset Exchange will be co-created with the help of Sam Bankman-FTX Fried’s, according to a statement released by the Busan Metropolitan City on August 30. The Bahamian firm will also lend a hand to the municipality in its efforts to foster growth in the local blockchain industry. A joint venture between Busan and FTX was announced yesterday.
The city of Busan plans to use FTX’s platform to launch its own cryptocurrency exchange. FTX also intends to promote blockchain-specific education through collaboration with regional universities and initiatives housed under the city’s newly established “Blockchain Special Free Zone” in 2019.
Amy Woo, chief executive officer of the FTX Investment Division, has stated that within the next year, the company will create a Korean FTX branch in Busan to help the city “grow into a digital financial center in Asia.”
This agreement follows on the heels of a similar partnership between the City of Busan and Binance, the world’s largest cryptocurrency exchange by trading volume. The company and the municipality formalized their cooperation on August 26 by signing an MOU to support the city’s blockchain development efforts with access to appropriate technology and infrastructure.
Binance, led by CEO Changpeng ‘CZ’ Zhao, made a number of significant announcements at the event, including their support for the development of new cryptocurrency exchanges and other areas of blockchain technology. Two major exchanges, Binance and FTX, are planning to set up shop in the country within the next 12 months.
Busan, South Korea, has spent the past five years building itself up as a centre for blockchain technology in the country through a wide variety of initiatives and partnerships. Since 2019 when Busan was named South Korea’s Blockchain sandbox, many projects have implemented Blockchain technology.
This includes a blockchain-powered driver licensing infrastructure, cryptocurrency payment support at a number of its most popular beaches, and the creation of a blockchain-based identity system.
The Financial Services Commission wants to speed up the consideration of 13 cryptocurrency-related laws presently before the South Korean National Assembly, and the Financial Intelligence Unit wants to tighten down on foreign exchanges operating in the country by 2022.
