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South Korean city join hands with FTX to establish blockchain-based enterprises

According to a press release , South Korean port city Busan will collaborate with cryptocurrency exchange FTX to establish blockchain-based enterprises in the coming months. In addition, the firm will assist the city in the establishment of the Busan Digital Asset Exchange.

According to an official announcement issued by the Busan Metropolitan City on August 30,  the CEO of FTX, Sam Bankman- Fried will assist in the creation of the Busan Digital Asset Exchange. The Bahamas-based company will also assist the city in promoting the development of the local blockchain industry.

Busan Mayor Park Hyung-jun, stated:

“With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy by making Busan a specialized block-chain city. I will not stop.”

FTX is also planning to promote blockchain-specific education through partnerships with local colleges and projects within the city’s ‘Blockchain Special Free Zone,’ which was formed in 2019.

According to FTX Investment Division CEO Amy Woo, the company will open a Korean FTX branch in Busan to assist the city to ‘develop into a digital financial center in Asia’ within a year.

 Through a number of initiatives and collaborations over the past five years, Busan has attempted to establish itself as a blockchain hub in South Korea. Since Busan was selected as South Korea’s Blockchain sandbox in 2019, a large number of projects have utilised Blockchain technology.

This included the implementation of a proprietary blockchain-based identification system, cryptocurrency payment support for various services at its most popular beaches, and a blockchain-powered drivers licensing platform.

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