It appears that the South Korean city of Busan is intensifying its efforts to create a global blockchain hub. This follows after the city inked an agreement with giant crypto exchange FTX to help it develop blockchain-based business entities over the next few months.
Busan keen on creating a blockchain hub
Recent efforts by the port city of Busan further prove the region’s ambitions of becoming one of the world’s foremost blockchain and financial centres.
Not long ago, the city reportedly partnered with leading exchange Binance. That partnership would see Binance helping Busan to create specialized blockchain products as well as develop the Busan Digital Asset Exchange.
With its new partnership with FTX, however, Busan City will be hoping to fast-track the establishment of the Busan Digital Asset Exchange.
According to a recent press release by the Busan Metropolitan City department, FTX’s role in this partnership will include promoting blockchain-related education. That is, the exchange will first have to work hand-in-hand with universities within the area, while also launching other innovative blockchain-based projects.
In further confirmation of the city’s plans, Busan Mayor Park Hyung-jun has also reiterated his resolve in achieving the dreams of making Busan a blockchain hub. About the FTX partnership, Hyung-jun said:
“With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy.”
Moving at a snail’s pace
Meanwhile, despite Busan’s best efforts, its steps toward achieving its blockchain aims have been somewhat slow-paced.
Although it has built several blockchain-based products and applications for use by the general public, the city’s developmental phase is far from what it should be at present. However, that may be a result of the Korean stablecoin project that crashed sometime in May.
Since the crash, however, the government has taken a stricter approach to cryptocurrencies and anything blockchain-related.