The city of Busan signed a contract with well-known crypto exchange FTX in order to quicken its leaning towards the sector. This action is consistent with the city’s overarching aim to establish itself as a major financial and blockchain hub.
The cryptocurrency sector has become increasingly popular. Governments have begun to enact crypto-friendly laws after finally listening to the people. South Korea appears to be a front-runner in the race to establish itself as a crypto hub. The nation has been delving deeply into both crypto and the metaverse.
For a variety of reasons, Sam Bankman Fried’s FTX has been receiving attention. FTX is the talk of the town in the cryptocurrency world, thanks to speculations of acquisition by Huobi and its SBF’s recent trip to the White House. The exchange recently secured a contract with Busan City to introduce blockchain-based enterprises to the area, adding another feather to its crown.
The Busan Metropolitan City department stated in a recent press release that FTX will help the city promote blockchain-related education. The exchange is anticipated to work with nearby colleges to achieve the same goals.
The company will also assist the city in establishing the Busan Digital Asset Exchange. The city’s Mayor Park Hyung-jun said the following when discussing the same,
“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.”
Furthermore, it has been said that FTX plans to open a Korean branch within the coming year.
Busan explores blockchain technology
Busan has made a strong case for investigating blockchain technology. The city sought advice from persons with experience in the field. Because of this, the city has taken platforms like FTX and Binance under its wing.
Just last week, Binance said that it had inked an MoU with the city’s blockchain ecosystem development organization.
Cryptocurrencies haven’t been favorably received since the Terra catastrophe. Although the South Korean government has laid out a clear structure, it appears that the region’s cities are concentrating on blockchain technology.
When the Korean stablecoin project Terra collapsed in May, local industry analysts told the media that hopeful development ambitions had been dashed. As a result, it is believed that the government is now taking a cautious approach to the spread of cryptocurrencies and blockchain in the nation.