South Korean city Busan has signed a business agreement with two international cryptocurrency exchanges, Crypto.com and Gate.io, to grow its blockchain ecosystem.
The development highlights one of Busan’s numerous efforts to embrace blockchain and let it strive within its region.
As revealed, both Crypto.com and Gate.io will set up regional offices in the city. Their presence will help provide technology and infrastructure aid to Busan in its quest to establish the first city-supported cryptocurrency exchange.
Further, as part of their agreement, Crypto.com will work on the growth of local blockchain startups. Additionally, Gate.io will train local professionals on blockchain and other related topics every year.
The officials from the two cryptocurrency exchanges will also be present at Blockchain Week in Busan (BWB). This event will feature keynote speeches from prominent figures in the cryptocurrency sphere. In addition, the BWB will host more than 300 booths of blockchain tech firms, as revealed the event will run between October 27 to October 29.
The flexibility of Busan City toward blockchain has facilitated its partnership with different cryptocurrency exchanges in the past. Crypto.com and Gate.io joined the likes of Binance, Huobi Global, and FTX on the list of cryptocurrency exchanges partnered with Busan.
Busan’s efforts toward becoming a blockchain hub in Asia
Since 2019, Busan has been designated as a “special blockchain regulation-free zone.” This status has aided blockchain developers in designing their projects and proposing ideas to the city’s government. All these come as an effort from the city of Busan to establish itself as the hub of blockchain technology in South Korea.
While Busan is gradually gaining attention, Asia as a whole is establishing itself as a region suitable for cryptocurrency investments. In much the same way, Dubai is also adopting blockchain innovations recently, as it has contributed significantly to advancing blockchain technology in Middle east Asia.