Binance Allies Korea’s Busan City to Jointly Develop Local Blockchain Industry

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a writer at Right for Education, Libertist Centre for Education, Qwenu, and Editor at Gamji Press, UDUS.

Binance has been actively collaborating with governments all across the world since the beginning of the year 2022. While it has been prohibited in some nations, it has also enjoyed significant support in others.

In keeping with this, the world’s leading cryptocurrency exchange is pleased to announce today that it has signed a memorandum of partnership with the city of Busan in South Korea to jointly promote the development of the local blockchain industry and provide new economic growth momentum in the cryptocurrency market.

The Binance-Busan Alliance

Busan will receive technical and infrastructure help from the firm as part of the partnership to grow the city’s blockchain ecosystem and advertise the Busan Digital Asset Exchange, another area of cooperation between the two companies is the sharing of order books.

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Additionally, the following five directions are policy consideration, economic development, education and training, social care, etc. Binance intends to support the blockchain industry’s growth in Busan in various ways.

These are policy considerations, economic development, education and training, social care, etc. Binance intends to support the growth of the blockchain industry in Busan in a variety of ways, namely;

Promoting blockchain initiatives and companies through Busan’s blockchain regulatory-free zone, Encouraging city-based blockchain research and investment, Providing online tools and expert blockchain education from Binance Academy.

Likewise, Binance Charity is working to advance social welfare, and it will help with the planning of the 2022 Busan Blockchain Week (BWB 2022).
Meanwhile, Binance further maintains that it will begin operations in Busan by the end of this year. It will catalyze the city’s development into one of East Asia’s most vibrant digital centers.

Binance-Busan Reactions

Speaking on the development, Binance CEO and founder CZ, Changpeng Zhao, said the firm is thrilled to collaborate with the City of Busan to foster the city’s innovation efforts and bring about real and significant advancements in the blockchain sector.

“We are delighted to partner with the City of Busan to support the city’s innovation efforts and bring about tangible and effective blockchain industry-related developments. Status and technical expertise, combined with Busan City’s strong support for the blockchain industry, we hope to help drive the adoption of cryptocurrencies inside and outside the city. We look forward to working closely with Busan City to assist in the establishment of digital asset exchanges and various blockchains industry.”

On the other hand, Heong-Joon Park, Mayor of Busan, said with this alliance, Busan City will be establishing Busan Digital Asset Exchange.

Heong-Joon said, “Through this agreement, we are one step closer to establishing Busan Digital Asset Exchange as a global digital asset integration platform,” .

“Busan will become a professional blockchain city that attracts global attention, providing a new growth engine for the local economy and making it a global digital financial center.”

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