Crypto Exchange Binance Partners With City of Busan to Develop Its Blockchain Industry

The largest cryptocurrency exchange by trading volume, Binance, recently signed an MoU (Memorandum of understanding) with Busan, South Korea.

The goal of the agreement is Binance to help develop the city’s blockchain ecosystem, as well as promote the Busan Digital Asset Exchange.

Binance will develop and foster Busan City’s blockchain by promoting blockchain activities and enterprises by using Busan’s blockchain regulatory-free zone.

The cryptocurrency exchange will also support blockchain-related research and investments in the city, providing online materials and customized blockchain instruction from Binance Academy, advance initiatives that endorse social well-being through Binance Charity, and assist with the preparation of Busan’s Blockchain Week in 2022 (BWB 2022).

Additionally, Binance said that they will open an office in Busan before the end of the year, which is anticipated to act as a catalyst for the city to develop into one of East Asia’s most thriving digital centers.

“We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts,” CZ (Changpeng Zhao), CEO and Founder of Binance, stated. “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.”

“We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries.” 

Busan, A Blockchain Regulation-Free Zone

The second largest city in South Korea is one of the world’s most receptive places for innovative blockchain technologies.

On July 23, 2019, the City of Busan announced that it was chosen as a regulation-free zone for blockchain technology.

The South Korean Government Committee designated seven regulation-free zones to test innovative technologies and foster related businesses.

The seven zones are situated in the following regions: Gangwon-do (digital healthcare), Daegu City (smart wellness), Busan City (blockchain), Sejong City (autonomous driving), Jeollanam-do (e-mobility), Chungcheongbuk-do (smart safety control), and Gyeongsangnam-do (advanced battery recycling).

With that measure, the city of Busan expects to accommodate blockchain applications in the fields of tourism, finance, logistics, and public safety.

Willing to accommodate projects from different types of companies, the city planned to invest 29.9 billion Won (roughly 2.24 million Dollars) in the project.

Future logistics system development (BP&Solution, Busan Technopark), the establishment of smart tour platforms (Hyundai Pay, Korea Tour Pass), the establishment of public safety video report and data transaction platforms (Coinplug, Sarada), and the issuance of digital vouchers are the businesses that will be supported in the regulation-free zone (BNK Busan Bank).

South Korea And Blockchain

South Korea is one of the leading countries when it comes to the technology industry.

The country has some of the leading companies in the industry, like Samsung, LG, and Hiunday.

Also, the country is truly one of the world’s cryptocurrency hubs.

Recently, Yong-beom Kim, South Korea’s former vice minister of the economy, became the CEO of a Blockchain Institute called “Hashed Open Research”.

The country really saw a boom in crypto after Samsung, the largest corporation in the nation, declared in 2017 that it will adopt Ethereum for business purposes, cryptocurrency first experienced a boom in South Korea.

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