Binance to assist South Korea’s interest in blockchain tech

Sahana Kiran
Source – Pixabay

The letter ‘B’ seems to hold significance in the crypto-verse. Bears, bulls, blockchain, and the world’s largest crypto exchange Binance. With expansion on its cards, the firm has been veering into several markets over the last couple of months. In addition to setting up shops in various jurisdictions, the Changpeng Zhao-led crypto platform was seen aiding governments in making advancements in the crypto and blockchain industry. South Korea‘s Busan just joined the list.

Earlier today, CZ announced that Binance had signed a Memorandum of Understanding [MoU] with Busan.

Through this collaboration, Binance intends to aid the city in formulating a blockchain ecosystem. The exchange would reportedly offer technological and infrastructure support to the city for the same. In addition to this, the platform would engage in the promotion of the Busan Digital Asset Exchange.

Speaking about the same, the Mayor of Busan, Heong-Joon Park said,

“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.”

Here’s how Binance intends to aid Busan’s inclination toward blockchain tech

The firm intends to employ Busan’s regulatory free zone to endorse blockchain business as well as initiatives. All research related to blockchain in the region would garner the aid of Binance. Educating the masses about technology, and rolling out initiatives through the Binance Charity to uphold societal well-being were also part of the list.

Additionally, it should be noted that Binance has been emerging as a favorite among governments across the globe. Earlier this week, the exchange joined hands with the Philippines government in order to roll out regulations governing the crypto-verse. Back in May, the firm revealed that it had signed an MoU with the Ministry of Digital Development of the Republic of Kazakhstan.

It seems like the CZ-led exchange is trying to garner the support of the entire globe to take over the crypto market.