Busan has announced a partnership with FTX to build a local crypto exchange and foster blockchain development.
FTX will assist in creating the Busan Digital Asset Exchange as per an official statement. The Bahamian-based firm will also support the city in fostering the growth of the local blockchain industry.
Busan City will make use of FTX’s technology and infrastructure to establish its own cryptocurrency exchange. FTX is also set to be involved in promoting blockchain-specific education with local universities and projects within the city’s ‘Blockchain Special Free Zone.
According to FTX Investment Division CEO Amy Woo the company will establish a Korean FTX branch in Busan over the next 12 months in an effort to help the city ‘grow into a digital financial hub in Asia.’
The City of Busan agreement with FTX comes through after another partnership which was formed with Binance. The company and city entered into a MOU on Aug. 26 to provide technological and infrastructure support to the city’s blockchain development efforts.
Busan has looked to position itself as a blockchain hub in South Korea over the past five years, with various initiatives and partnerships established to reach this goal. Since Busan was designated as South Korea’s Blockchain sandbox in 2019, a number of projects have made use of the technology. This included the roll-out of proprietary blockchain-based ID system, cryptocurrency-payment support for various services at its most popular beaches as well as a blockchain-powered drivers license platform.
