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Binance signs MOU with Busan to develop blockchain ecosystem

Binance announced the signing of a MoU with the city of Busan, South Korea, to develop the city’s blockchain ecosystem and the Busan Digital Asset Exchange on August 26 via a blog post. Binance plans to promote blockchain businesses through Busan’s blockchain-free zone.

In accordance with the agreement, Binance will offer technical and infrastructure support to the South Korean city of Busan in order to promote the development of the Busan Digital Asset Exchange and the city’s blockchain ecosystem. Sharing of the order book will be another way for the two parties to work together. to develop and assist the blockchain sector in Busan City.

Binance has the following objectives:

  • Promoting blockchain activities and enterprises by using Busan’s blockchain regulatory-free zone.
  • Encouraging investments and research in the city connected to blockchain.
  • Providing online tools and customised blockchain instruction from Binance Academy.
  • Advancing programmes that foster societal well-being via Binance Charity
  • Assisting with the planning of the 2022 Busan Blockchain Week (BWB 2022)

CZ (Changpeng Zhao), CEO and Founder of Binance, remarked:

“We are pleased to be collaborating with the City of Busan to deliver concrete blockchain-related innovations that aid and support the city’s efforts to promote innovation. We want to contribute to the expansion of cryptocurrency use in the city and beyond through our technological know-how, industry-leading position, and the City of Busan’s strong support for the blockchain industry. To encourage the construction of digital asset exchanges and different blockchain sectors, we look forward to working closely with the city.”

Heong-Joon Park, Mayor of Busan, also stated on the development:

“With this arrangement, the Busan Digital Asset Exchange will be one step closer to becoming a globally interconnected platform for digital assets.”

He added:

“We will strengthen a new economic engine for the local economy and make Busan a global hub for digital finance by making it a blockchain-specialized city that is garnering worldwide attention.”

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.


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