FTX Helps South Korean Busan Launch Crypto Exchange

FTX Helps South Korean Busan Launch Crypto Exchange

FTX will help Busan, South Korea, launch a crypto exchange

The South Korean city of Busan signed an agreement with the FTX cryptocurrency exchange to develop the blockchain industry and create an infrastructure for trading digital assets.

According to a press release, cooperation with FTX is part of a wider plan authorities to turn the city into a center of digital finance.

The crypto company will promote and support educational programs in the field of DLT in cooperation with regional universities and launch projects in the Busan Blockchain Special Zone.

FTX will provide technological and infrastructure support to the city in creating the Busan Digital Asset Exchange.

According to Amy Wu, head of investment at FTX, the exchange will open a Korean branch in the city within a year.

«Through this agreement, we will help establish the Busan Digital Asset Exchange and provide a new driver for the growth of the local economy by making the city a dedicated blockchain hub», said Mayor Park Hyun Joong.

On August 26, the Binance crypto exchange signed a memorandum of understanding with the city authorities. The agreement provides similar goals to the Busan-FTX partnership, including launching a digital asset trading platform.

Binance also said it will establish a presence in the city until the end of 2022.

«With our industry position and technological expertise, coupled with Busan's strong support for the blockchain industry, we hope to promote the adoption of cryptocurrencies in and out of the city»” commented Binance CEO Changpeng. Zhao.

As a reminder, seven major South Korean brokerages, including Mirae Asset Securities and Samsung Securities, are planning to launch cryptocurrency exchanges in 2023, according to local media.

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