Busan City Collaborates with FTX to Establish Local Cryptocurrency Exchange

The city of Busan in South Korea has unveiled a collaboration with cryptocurrency trading platform FTX to build a local cryptocurrency exchange and provide blockchain development, as reported by Cointelegraph.

According to Cointelegraph, Sam Bankman-Fried’s FTX will help build the Busan Digital Asset Exchange, through an official statement from the Busan Metropolitan City. The Bahamian-focused company will also help the city foster the growth of the local blockchain industry. The city of Busan will use FTX’s technology and infrastructure to create its own cryptocurrency exchange. FTX also aims to get involved in promoting blockchain-based education with local universities and projects within the city’s special blockchain free zone, which was established in 2019.

Based on information provided by Cointelegraph, Amy Woo, CEO of FTX Investment Division, the company will establish an FTX Korean branch in Busan within the next 12 months to help the city become a digital financial center in Asia. Busan City’s deal with FTX comes on the heels of another partnership formed with Binance. The company and the city have entered into a memorandum of understanding to provide technological and infrastructural assistance to the city’s blockchain development efforts.

Additionally, Cointelegraph noted that Busan intends to establish itself as a blockchain hub in South Korea over the past five years with the support of various initiatives and partnerships. Since Busan was designated as a South Korean blockchain sandbox in 2019, various projects have used this technology. Projects included the deployment of a blockchain-based proprietary identification system, cryptocurrency payment support for various services, and the blockchain-powered driver’s license platform. South Korea’s financial intelligence unit has also made efforts to curtail foreign-based exchanges operating in the country in 2022, while the Financial Services Commission aims to fast-track the review of 13 different bills. related to cryptocurrencies currently present in the National Assembly of South Korea.

(With information from Cointelegraph)

Also Read: Binance US Invited to Unveil Official Documents on Investor-Based Security Protocols

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