FTX joins hands with Busan to develop Blockchain-driven business solutions

The failure of the South Korean stablecoin project Terra may have damaged public perception of the sector, but the country’s second-largest city has continued to work toward its ambitious blockchain and cryptocurrency objectives. In the upcoming months, Busan and FTX will collaborate to develop business solutions driven by blockchain. 

As part of the agreement, the exchange will collaborate with the city of Busan to support the establishment of the Busan Digital Asset Exchange and the expansion of the local blockchain ecosystem.

Busan intends to use the infrastructure and technology of FTX in conjunction with regional colleges to advance blockchain-focused education in addition to setting up its own cryptocurrency exchange. Additionally, it plans to launch initiatives in the 2019-established Busan blockchain special free zone.

FTX follows Binance’s plans to expand in Busan

A few days prior to the arrangement with FTX, Binance had signed an MoU with the City of Busan, as TheCoinRise reported. Like FTX, Binance also intends to provide infrastructure and technical support for the growth of the city’s blockchain ecosystem and for the promotion of the Busan Digital Asset Exchange.

Busan mayor Park Hyung-jun commented on the latest deal with FTX by stating:

“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.”

The Mayor had earlier said that the action is consistent with the goal of making Busan a blockchain-specialized city by drawing international attention and igniting a new economic engine for the local economy to transform it into a major hub for global finance.

The exchange plans to complete FTX’s Korean branch in Busan within the next year in order to develop the port city into a digital financial centre city in Asia, according to Amy Woo, CEO of FTX Investment Division.