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South Korea’s City of Busan Forms Partnership with Binance

September 08, 2022

World’s largest leading blockchain ecosystem, Binance signed a Memorandum of Understanding (MoU) with South Korea’s City of Busan, which is home to the largest cryptocurrency exchange by trading volume in the world.

“We will strengthen a new economic engine for the local economy and make Busan a global digital financial hub by making it a blockchain-specialized city that is drawing international attention,” – Heong-Joon Park, Mayor of Busan.

In the agreement, technical and infrastructure will be provided by Binance giving support to the City of Busan in order to foster the growth of the city’s blockchain ecosystem and the Busan Digital Asset Exchange. Order book exchange will be another method of collaboration between the two parties.

In order to grow and support Busan City’s blockchain industry, Binance has many objectives:

  • Promoting blockchain activities and businesses by using Busan’s blockchain regulatory-free zone.

  • Encouraging investments and research in the city connected to blockchain

  • Providing online tools and specialized blockchain education from Binance Academy

  • Advancing programs that foster societal well-being via Binance Charity

  • Assisting with the planning of the 2022 Busan Blockchain Week (BWB 2022)

“We are pleased to be collaborating with the City of Busan to bring practical blockchain-related advancements that benefit and support the city’s innovation efforts,” – Changpeng Zhao, CEO and Founder of Binance.

Binance is hoping to contribute to the expansion of cryptocurrency use in the city and beyond through our technological know-how, industry-leading position, and the City of Busan’s strong support for the blockchain industry. To encourage the construction of digital asset exchanges and various blockchain sectors, we look forward to working closely with the city.

Additionally, Binance announced that it 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.

Editor’s Note: This article by The Mega Maxi is not a financial advise.