FTX to Help Busan Develop Local Crypto Exchange
- Busan’s partnership with FTX will see it leverage the exchange’s technology and infrastructure to establish the Busan Digital Asset Exchange.
- FTX plans to establish a local branch in Busan in the next 12 months, and also develop and promote various blockchain-based businesses in the area.
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The South Korean city of Busan has signed a partnership with crypto trading platform FTX to foster blockchain development in the area, the Busan Metropolitan City department said in a press release on 30 August.
According to the announcement, South Korea’s second-largest city will work together with FTX to create a local cryptocurrency exchange, called the Busan Digital Asset Exchange (BDAE). FTX will not only provide the city with access to its technology and infrastructure, but also develop and promote various blockchain-based businesses in Busan. The Mayor of Busan, Park Hyung-jun, said in a statement:
“With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy by making Busan a specialized blockchain city.”
The CEO of FTX’s investment division, Amy Woo, noted that the exchange will support Busan’s effort to “grow into a digital financial hub in Asia”, and plans to establish a local branch in the city over the next 12 months. The company also intends to promote blockchain-specific education with local universities and projects within Busan’s blockchain special free zone.
The move came less than a week after the South Korean city signed a memorandum of understanding (MoU) with crypto exchange Binance, which agreed to provide Busan with technological and infrastructure support for blockchain development. Binance also plans to establish an office in Busan by the end of the year, as well as support blockchain-related research and investments in the city. The founder and CEO of Binance, Changpeng “CZ” Zhao, said in a statement at the time:
“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.”
- One of the largest South Korean commercial banks, KEB Hana Bank, partnered with crypto custodian BitGo in order to set up a new crypto custody venture in the country.
- The new venture, which will use BitGo’s crypto security expertise and Hana’s experience in financial services and compliance, is expected to launch in the second half of 2024.
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- A cyber security incident at bankruptcy service provider Kroll has resulted in the exposure of “non-sensitive” customer data for claimants involved in the FTX and BlockFi cases.
- Both companies confirmed that account passwords, systems, and funds remained safe, but warned customers to be on the lookout for phishing scams.
- Bitstamp, the world’s longest-running crypto exchange, has been raising funds since late June, with its advisor being Michael Novogratz’s Galaxy Digital.
- The new funds will reportedly be used to launch a new derivatives platform in Europe, expand to new markets in Asia, scale its operations in the U.K..