by Kevin Helms
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.
Cryptocurrency exchange Binance announced Friday that it has signed a Memorandum of Understanding (MOU) with Busan Metropolitan City. Busan, located on the southeastern tip of the Korean peninsula, is the second largest city in South Korea with approximately 3.4 million 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.
The mayor of Busan, Heong-Joon Park, commented:
With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for 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.
What do you think about Binance working with the city of Busan to grow crypto adoption? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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