Busan Metropolitan City Partners with FTX to Launch Crypto Exchange

Busan Metropolitan City Partners with FTX to Launch Crypto Exchange

The city of Busan takes another major step towards becoming a global digital financial hub. 

Busan Metropolitan City, the second largest city in South Korea, has partnered with Bahamas-based crypto exchange FTX.

According to the press release shared by the Busan Metropolitan City’s website, FTX will help the city of Busan to expand its blockchain industry

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The city of Busan will use FTX’s technological knowledge and infrastructure to launch its digital asset exchange. Moreover, FTX is planning to promote blockchain education across local universities and colleges. 

The press release highlights that FTX will also assist in inviting speakers to Busan Blockchain Week 2022 (BWB 2022), which will start on October 27th. 

CEO of FTX Investment Division Amy Woo has noted that the company is planning to open its office in Busan

We plan to establish a Korean branch of FTX in Busan within next year, and FTX will actively cooperate so that Busan can grow into a digital financial hub city in Asia.

Bahamas-based FTX has also agreed to promote various projects in the Busan Blockchain Free Regulation Zone. 

When talking about the partnership with FTX, the Mayor of Busan Park Hyeong-jun emphasized that the city won’t stop until it becomes a global digital financial city.

With this agreement, we will contribute to the establishment of the Busan Digital Asset Exchange and secure a new growth engine for the local economy by making Busan a specialized city for blockchain.

It is worth noting that, on August 26th, Binance announced it will be assisting the city of Busan in its blockchain development journey. Among other things, Binance is planning to fund blockchain-related research and use Binance Academy to launch several blockchain-related educational and online resources

In other news, South Korean Securities Companies, such as Samsung Securities and Mirae Asset Securities, are planning to launch a virtual asset exchange in the first half of 2023.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree


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