The blockchain sector will be developed, and a platform for trading digital assets will be established, according to a deal that the South Korean city of Busan inked with the FTX bitcoin exchange.
A news statement states that the partnership with FTX is a component of a larger strategy to transform the city into a center for digital banking.
Together with local colleges, the cryptocurrency corporation will support and develop educational initiatives in the field of DLT and introduce new initiatives in the Busan Blockchain Special Zone.
FTX will assist the city in establishing the Busan Digital Asset Exchange by providing technology and infrastructure support.
In less than a year, the exchange will launch its Korean branch in the city, according to Amy Wu, head of FTX's investment division.
Mayor Park Hyun Joon stated, "Through this agreement, we will assist in the establishment of the Busan Digital Asset Exchange and create a new development driver for the local economy by turning the city into a specialized blockchain hub.
The local officials and Binance signed a memorandum of agreement on August 26. Similar objectives to the Busan-FTX cooperation are outlined in the agreement, including the introduction of a trading platform for digital assets.
Binance said that it will set up shop in the city till the end of 2022.
“With our industry position and technological experience, together with Busan’s strong support for the blockchain sector, we intend to boost the use of cryptocurrencies in and out of the city,” said Binance CEO Changpeng Zhao.
Recall that in 2023, cryptocurrency exchanges will be introduced by seven significant brokerages in South Korea, including Mirae Asset Securities and Samsung Securities.