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.
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Crypto exchange Huobi Global and its South Korean branch have agreed to assist the city of Busan with the development of its digital asset exchange, the companies said via Twitter on 14 September.

According to the announcement, Huobi has signed a memorandum of understanding (MoU) with the Busan Metropolitan City government, becoming the latest major crypto exchange to participate in the development and growth of the local blockchain industry. The company will also assist the South Korean city with the establishment of its first crypto exchange, the Busan Digital Currency Exchange. The Mayor of Busan, Park Hyung-jun, said in a statement:

“With this agreement, we have gained momentum to promote the Busan Digital Asset Exchange based on the technology and experience of Huobi, a global digital asset exchange. We will do our best to make it a specialized city and a global digital finance hub.”

As per the agreement, Huobi will provide the city with research and development, technological, and financial support for the upcoming exchange, as well as help it attract more than 1,500 blockchain professionals from overseas. The exchange has also agreed to invest, support, and promote various blockchain projects in Busan.

The exchange started operating in the area in 2019, when it established a local office in South Korea, and is regulated under a license issued by the Korean Financial Services Commission (FSC) in 2021. In order to better support the growth of the local blockchain industry and community, Huobi is planning to move its South Korean office from Seoul to Busan by the end of the year.

Huobi has become the third major cryptocurrency exchange to support the development of Busan’s blockchain industry. Both Binance and FTX singed similar agreements with the South Korean city back in August, and are now expected to establish local offices as part of their deals.

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