Binance to Help South Korean City of Busan Grow Crypto Adoption, Develop Blockchain Ecosystem – Regulation Bitcoin News

Binance is helping the South Korean city of Busan “grow crypto adoption within the city and beyond.” The global crypto exchange will also support the development of the city’s blockchain ecosystem and the Busan Digital Asset Exchange.

Binance signs MOU with Busan City

Binance, a cryptocurrency exchange, announced on Friday that it had signed an Memorandum of Understanding with Busan Metropolitan City. Busan is located at the southern tip of South Korea’s Korean peninsula and has approximately 3.4 millions residents.

“As part of the agreement, the city of Busan will receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange,” Binance explained.

“Another form of cooperation between the two parties will be order book sharing,” the company added, noting that it will be establishing a presence in Busan by the end of the year.

Binance CEO Changpeng Zhao (CZ) said: “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.” The executive opined:

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,” Zhao added.

Heong-Joon Park is the mayor of Busan.

This agreement is a step closer towards establishing Busan Digital Asset Exchange, a global platform that integrates digital assets.

“By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub,” he further said.

How do you feel about Binance collaborating with Busan in order to increase crypto adoption? Please leave your comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

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