After Binance, FTX partners Busan City to roll out a Crypto exchange

Sahana Kiran
Source – Unsplash

The entire world has been veering into the crypto industry. Governments have finally listened to the masses and have started to implement crypto-friendly laws. On this quest to emerge as a crypto hub, South Korea seems to be a front runner. The country has been diving deep into crypto as well as the metaverse. In order to further accelerate its inclination towards the industry, the city of Busan penned a deal with prominent crypto exchange FTX.

Sam Bankman Fried’s FTX has been making noise for a number of reasons. From rumors about its Huobi takeover to its SBF’s recent visit to the White House, FTX is the talk of the crypto town. Now, adding a feather to its cap, the exchange signed an agreement with Busan City to roll out blockchain-based businesses in the region.

As per a recent press release, the Busan Metropolitan City department noted that FTX would aid the city in promoting blockchain-related education. The exchange is expected to collaborate with regional universities for the same.

In addition to this, the firm will also help the city set up the Busan Digital Asset Exchange. Speaking about the same, Busan Mayor Park Hyung-jun said,

“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.”

Furthermore, FTX is reportedly looking to set up a Korean branch within the next year.

Busan the next blockchain hotspot?

Busan has been vocal about exploring blockchain technology. The city wanted guidance from those who have been in the industry for a while. Hence the city has been tapping platforms like FTX as well as Binance under its wing.

Just last week, Binance announced that it had signed a Memorandum of Understanding [MoU] in order to develop the city’s blockchain ecosystem.

Following the Terra event, cryptocurrencies haven’t been very well received. While the South Korean government chalks out a prominent framework, the cities in the region seem to be focusing on blockchain tech.