Busan City Announces Partnership With FTX To Boost Crypto Growth

Twitter icon  •  Published 1 год назад  •  Nikolas Sargeant

Busan City has inked a partnership with FTX to assist the blockchain-friendly city in building local exchange

Busan City has inked a partnership with FTX to assist the blockchain-friendly city in building local exchange. The hope is that FTX can help to foster blockchain development and adoption in South Korea’s second-largest city. 

How Will FTX Assist Busan City?

According to an official statement from the Busan Metropolitan City, Sam-Bankman Fried’s FTX aims to assist in creating the Busan Digital Asset Exchange. FTX boasts a global presence, and the company has been very active this year in developing its products, working with big names such as Goldman Sachs and the banking app Dave. 

FTX’s technology and infrastructure will allow Korea’s blockchain city to create its cryptocurrency exchange. The company is also set to be involved in promoting and delivering blockchain-specific educational materials, working closely with local universities, and assisting projects within the city — specifically, the city’s free one, which was established in 2019. 

FTX’s investment division CEO Amy Woo stated that the company will establish a Korean FTX branch based in Busan within the next 12 months to help the city "grow into a digital financial hub in Asia."

Busan Cryptocurrency Scene Is Thriving

Binance recently signed a Memorandum of Understanding (MoU) with Busan City, ensuring that the crypto firm provides technology and infrastructure support to the city’s blockchain development. 

Binance CEO Changpeng Zhao stood aside Busan Mayor Heong-Joon Park for the announcement, marking a clear sign for the future of the Korean city. FTX hurdled Coinbase to become the second-largest crypto exchange by daily trading volume earlier this year. With both businesses looking to establish a presence in Korea, Busan's citizens benefit significantly from the advantages of blockchain. 

Busan was designed as the nation’s blockchain sandbox in 2019, with various projects and initiatives using the technology starting up around that time. Notably, the roll-out of a proprietary blockchain-based ID system and cryptocurrency-payment option for multiple services. 

Part of the reason these companies are only involved in helping Busan develop its cryptocurrency exchange is that South Korea’s Financial Intelligence Unit has pushed to clamp down on foreign-based exchanges operating in the country in 2022. While the goal is to keep things decentralized, a level of regulatory standard is to be assumed in the country. 

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.