The port city of Busan in South Korea has signed a deal with the cryptocurrency exchange FTX to launch blockchain-based enterprises soon.
This action is aligned with the city’s overarching aim to establish itself as a major financial and blockchain hub. According to a press statement issued by the Busan Metropolitan City department on Tuesday morning, Busan City and FTX will collaborate to create the Busan Digital Asset Exchange, promote various blockchain-focused enterprises, and build new blockchain startups.
FTX would establish initiatives in the Busan blockchain special free zone as well as promote and advance blockchain-specific education in collaboration with local colleges.
Busan once hired cryptocurrency exchange Binance to construct the Busan Digital Asset Exchange and build specialised blockchain products.
Mayor Park Hyung-jun declared that he is not letting anything stop him from making Busan a blockchain hub. He stated that the agreement will help establish the Busan Digital Asset Exchange and ensure a new growth engine for the economy of South Korea.
For usage by the general public, the special zone has developed a number of blockchain-based products and applications. These include the Citizen Safety Report, B Pass, a blockchain-based ID service, Busan Digital Voucher, a programme that boosts local money circulation, and B-Fresh, a seafood logistics business.
Read more: Future Regulation May Allow ICOs in South Korea Again
