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Busan signs MOU with Huobi Global to develop blockchain infrastructure

Government Busan Metropolitan City signs Memorandum of Understanding (MoU) with Huobi Global to grow blockchain infrastructure.

The government of Busan Metropolitan City signed a Memorandum of Understanding (MoU) Huobi Global, and Huobi Korea on September 14. The collaboration will help to develop the city’s local blockchain infrastructure. Huobi Global will help the Busan exchange by supplying the essential technology, funding, research and development to boost the local crypto exchange. Huobi Global became the most recent crypto exchange to sign an MoU with Busan City for the advancement of its blockchain ecosystem. The exchange also intends to assist the local exchange in Busan in its search for and hiring of blockchain specialists.

Busan signs MOU with Huobi Global
Busan signs MOU with Huobi Global

The partnership between the city of Busan and Huobi will help to promote the development of our blockchain ecosystem. Busan provides a favourable environment for the development of the most cutting-edge digital financial innovations and is a blockchain regulation-free zone, drawing numerous blockchain startups from across the world.

Busan Mayor Park Hyung-Joon released a statement:

“Since 2019, Huobi has conducted business through a regional office. The South Korean Financial Commission also granted it a licence for regulation in 2021. Additionally, the exchange will support the arrival in Busan of more than 1,500 foreign blockchain experts. A spokesman stated that the head office of Huobi Korea will move from Seoul to Busan this year. Additionally, aid for local blockchain efforts will be shown.”

He went on to say:

“This partnership has given us energy to develop the Busan Digital Asset Exchange based on Huobi, a worldwide digital asset exchange, and its technology and experience. We will try our best to make it a specialised city and a worldwide digital financial metropolis.”

Binance and Busan sign MOU to create a blockchain ecosystem

On August 26, Binance released a blog post announcing the signing of a Memorandum of Understanding (MoU) with the city of Busan to build the city’s blockchain ecosystem and the Busan Digital Asset Exchange. Through Busan’s blockchain-free zone, Binance intends to boost blockchain firms.

The South Korean city of Busan will get technical and infrastructural help from Binance in order to foster the growth of the city’s blockchain ecosystem.  Another way the two parties will collaborate to grow and support the blockchain industry in Busan City is by sharing the order book.

Binance collaborates with FTX to launch blockchain-based businesses

According to a press release in the month of August, Busan will collaborate with crypto exchange FTX to launch blockchain-based businesses in the upcoming months. Additionally, the company will help the city build up the Busan Digital Asset Exchange.

According to a statement made public by the Busan Metropolitan City on August 30, Sam Bankman-Fried, CEO of FTX, will help establish the Busan Digital Asset Exchange. The Bahamas-based business will help the city promote the growth of the local blockchain industry.

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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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