Binance to Help Busan Develop Its Blockchain Industry

  • The exchange has signed a memorandum of understanding with the South Korean city to help it develop its blockchain ecosystem, and promote crypto adoption in the area.
  • Binance has agreed to provide Busan with technological and infrastructure support, as well promote its Busan Digital Asset Exchange.
Binance CEO Changpeng Zhao

Binance CEO Changpeng Zhao speaking at a conference. CoinDesk

Popular cryptocurrency exchange Binance has signed a memorandum of understanding (MoU) with the South Korean city of Busan to help it develop its blockchain ecosystem, the company said in a press release on 26 August.

According to the announcement, Binance has agreed to support the efforts to boost crypto adoption in the Busan by providing the city with the technological and infrastructure support needed for the development of Busan’s blockchain ecosystem. The company has also agreed to promote the Busan Digital Asset Exchange in addition to order book sharing. The founder and CEO of Binance, Changpeng “CZ” Zhao, said in a statement:

“We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts. Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond.”

In order to develop and grow this sector in Busan, Binance plans to use the city’s blockchain regulatory-free zone to promote a variety of initiatives and businesses. The exchange will not only provide specialized education and online resources from the Binance Academy, but also support blockchain-related research and investments in the city.

Binance noted that it plans to set up an office in Busan by the end of the year, which is expected to serve as a “driving force” for the city to become one of Asia’s digital hubs. The Mayor of Busan, Heong-Joon Park, explained that making the city a blockchain-specialized hub and launching a digital asset exchange will attract “worldwide attention”, which will boost its local economy and help its citizens.

Discussion
Related Coverage
Arrest Warrant for Terra’s Do Kwon Issued by Seoul Court
  • South Korean authorities have issued an arrest warrant for Terra co-founder Do Kwon and five other individuals, alleging they had violated the Capital Markets Act.
  • The news quickly affected Terra’s re-launched LUNA token, which saw its price fall down by 28% in the past 24 hours.
September 14, 2022, 7:03 PM
arrest

Shutterstock

Huobi to Support Busan’s Digital Asset Exchange
  • Huobi has become the third major cryptocurrency exchange to help Busan with the development of its blockchain ecosystem and digital asset exchange.
  • The company has also agreed to attract more than 1,500 blockchain professionals from overseas, as well as move its local office from Seoul to Busan by the end of the year.
Binance to Auto-Convert Several Stablecoins to BUSD
  • Binance revealed that starting 29 September all existing balances and new deposits of USDC, USDP, and TUSD will be auto-converted into its own BUSD stablecoin.
  • While Binance claimed the move was made to “enhance liquidity and capital-efficiency for users”, it will also expand the market share of BUSD, currently ranked third in market capitalization.