Global crypto exchange Binance and the city of Busan in South Korea announced a memorandum of understanding (MOU) on Friday to promote the growth of the blockchain ecosystem in the city and the development of the Busan Digital Asset Exchange.
- “Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond,” said Changpeng Zhao, chief executive officer and founder of Binance.
- Binance will provide technological and infrastructure support to the city of Busan and bolster blockchain-related research, education and investments in the city.
- Binance is also planning to establish a presence in Busan to position the city to become a digital hub of Asia.
- Busan, South Korea’s second most populous city, was designated as a “blockchain regulatory-free zone” in 2020 — developers can bring forth blockchain-related proposals or projects to the Busan city government that may not be considered elsewhere in the country due to regulations.
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