Binance collaborates with the City of Busan

The popular crypto exchange, Binance, has partnered with the City of Busan in South Korea. The exchange announced this development in its Friday blog post.

Binance will now avail Busan City of technological and infrastructural aids. These aids will promote the developmental agenda of the city’s blockchain ecosystem. Binance believes the aid will further strengthen the  Busan Digital Asset Exchange. The collaboration in the MOU signed by Binance and the city’s stakeholders will encourage order book sharing among them.

Binance, in its announcement, highlighted some of its plans for the city. According to the leading crypto exchange, it intends to explore the city’s blockchain regulatory-free region to expand its blockchain industries and firms. Similarly, Binance plans to sponsor various blockchain research and investment in the city.

The exchange says its academy will provide specialized blockchain education and online aid to city residents. Also, it assures Busan city of advanced initiatives that can improve society’s well-being through its charity mechanism. Binance further intends to coordinate Busan’s Blockchain week in Busan 2022 (BWB2022).

Binance moves to establish its presence in Busan

The exchange expressed readiness to establish its presence in the city before the end of the year. The exchange sees Busan as a city with the potential to evolve rapidly into one of East Asia’s most illustrious digital hubs.

Reacting to the development, Binance CEO Changpeng Zhao stated that the exchange is excited to partner with Busan city. According to Zhao, Binance is ready to cooperate with Busan to bring substantial blockchain expansion that benefits the city’s innovative endeavors. The CEO further stated that Binance would continue to help encourage wider crypto adoption within the city and across the globe. Zhao added that the exchange is eager to promote the establishment of digital assets exchanges and blockchain industries.

The Mayor of Busan, Heong-Joon Park, has also reacted to the development. Park said the city is closer to establishing its digital assets exchange as a globally integrated platform for digital assets.

He stated that Busan would earn global recognition once it became a blockchain-specialized city. According to him, a new growth mechanism will improve the local economy and make it a global digital finance hub. Park expressed its excitement about the deal, stressing that the authorities in the city are ready to cooperate with the exchange to actualize the terms of the agreement.

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