The implosion of the South Korean stablecoin project Terra may have dented general sentiment towards the industry, but that has not stopped the second-largest city in the country from pursuing ambitious crypto and blockchain goals.
Busan has announced a partnership with FTX to build blockchain-powered business solutions in the coming months.
As part of the deal, Sam Bankman-Fried’s exchange will work with Busan city to assist in the development of Busan Digital Asset Exchange while simultaneously fostering the growth of the blockchain ecosystem in the region.
In addition to establishing its own cryptocurrency exchange, Busan plans to leverage FTX’s technology and infrastructure to develop and promote blockchain-specialized education in collaboration with local universities.
It also intends to roll out projects in the Busan blockchain special free zone that was set up in 2019.
Commenting on the latest agreement, Busan Mayor Park Hyung-jun said,
“With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy by making Busan a specialized block-chain city. I will not stop.”
The Mayor had earlier stated that the move aligns with the aim to make Busan a blockchain-specialized city by attracting worldwide attention and boosting a new growth engine for the local economy to make it a global digital finance hub.
Amy Woo, CEO of FTX Investment Division, further revealed that FTX’s Korean branch in Busan is yet another goal that the exchange expects to complete within the next year to transform the port city into a digital financial hub city in Asia.
The agreement with FTX comes days after Binance signed a Memorandum of Understanding (MoU) with the City of Busan.
Similar to FTX, Binance also plans on offering technological and infrastructure support for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange.
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