Busan City, the second largest city in South Korea recently announced a partnership with FTX to create a local cryptocurrency exchange and promote blockchain innovation in the city.
Busan City “Blockchain Special Free Zone” Keeps Growing
South Korea’s ‘Blockchain’ city of Busan continues to establish partnerships to foster the growth of the cryptocurrency industry.
According to an official announcement made on August 30 by the Busan Metropolitan City, FTX will help establish the Busan Digital Asset Exchange. The blockchain company will help the city nurture the development of the regional blockchain sector. The technology and infrastructure of FTX will be used by Busan City to launch its own bitcoin exchange. In the city’s “Blockchain Special Free Zone”, FTX plans to work with regional colleges and initiatives to promote blockchain-specific education.
To help Busan “develop into a digital financial hub in Asia,” the business will open a Korean FTX branch there over the next 12 months, according to FTX Investment Division CEO Amy Woo.
Following a similar relationship with Binance, the City of Busan’s arrangement with FTX is the latest in a string of recent agreements. On August 26, the business and the city signed a memorandum of understanding to support the city’s blockchain development initiatives with technology and infrastructure.
Over the last five years, Busan has worked to promote itself as a blockchain center in South Korea, launching several projects and collaborations in the process. Numerous projects have used the technology since 2019 when Busan was named South Korea’s Blockchain sandbox. This includes the implementation of a customized, blockchain-based ID system, support for cryptocurrency payments for a variety of services at its busiest beaches, and a platform for blockchain-powered driver’s licenses.
FTX Keeps Expanding its Influence Across the Globe
Over the past few months, FTX has created multiple partnerships with various brands as part of its plans to increase its influence in the space.
A few weeks back, the exchange announced a partnership with Paradigm to allow users to trade Bitcoin (BTC), Ether (ETH), Solana (SOL), Avalanche (AVAX), ApeCoin (APE), Dogecoin (DOGE), Chainlink (LINK), and Litecoin with “no leg risk” under the FTX agreement.
Earley this year, the exchange partnered with African payment giant, AZA Finance to expand the adoption of Web3 and digital currencies throughout Africa. The partnership was created to increase efforts to connect the Web3 economy with the unstoppable growth of the African continent.