Busan City declares partnership with FTX to create local exchange

The “Blockchain” city of Busan in South Korea keeps forging alliances to promote the development of the cryptocurrency sector.
Busan City declares partnership with FTX to create local exchange
Busan City declares partnership with FTX to create local exchange

The second-largest city in South Korea, Busan, has declared a partnership with cryptocurrency trading platform FTX in order to establish a local cryptocurrency exchange and promote blockchain innovation.

According to a formal announcement made on August 30 by the Busan Metropolitan City, Sam Bankman-FTX Fried’s will help establish the Busan Digital Asset Exchange. The Bahamian-based company will help the city nurture the development of the regional blockchain industry.

The technology and infrastructure of FTX will be used by Busan City to launch its own bitcoin exchange. In the city’s “Blockchain Special Free Zone,” which was formed in 2019, FTX plans to work with regional colleges and projects to promote blockchain-specific education.

In an effort to aid Busan in “growing into a digital financial hub in Asia,” the business will open a Korean FTX branch there over the course of the next 12 months, according to FTX Investment Division CEO Amy Woo.

Following a similar relationship with Binance, the biggest cryptocurrency exchange by trading volume, the City of Busan’s arrangement with FTX is the latest in a string of recent agreements. On August 26, the business and the city signed a memorandum of understanding to support the city’s blockchain development efforts with technology and infrastructure.

Busan Mayor Heong-Joon Park and Binance CEO Changpeng ‘CZ’ Zhao were present for the announcement, which involved Binance assisting the development of bitcoin exchanges and numerous blockchain industries. Over the course of the upcoming year, both Binance and FTX plan to establish a presence in the nation.

Over the past five years, Busan has worked to establish itself as a blockchain hub in South Korea, launching a number of initiatives and partnerships in the process. Numerous projects have used the technology since 2019 when Busan was named South Korea’s Blockchain sandbox.

This included the implementation of a customized, blockchain-based ID system, support for cryptocurrency payments for a variety of services at its busiest beaches, and a platform for blockchain-powered driver’s licenses.

The Financial Services Commission is attempting to expedite the review of 13 different bills related to cryptocurrencies that are currently being debated in the National Assembly of South Korea. The Financial Intelligence Unit of South Korea has also made an effort to crack down on foreign-based exchanges operating within the nation in 2022.