South Korea has been making headlines with regard to its inclination toward crypto. This, however, wasn’t limited to crypto alone. The country was seen embracing crypto’s underlying technology as well. Busan, one of the largest cities in South Korea has been making efforts to emerge as the next blockchain hub. Prominent crypto exchanges Crypto.com, as well as Gate.io, decided to aid Busan’s efforts in expanding its blockchain ecosystem.
According to recent reports, it was revealed that Crypto.com and Gate.io signed business agreements with Busan. As per this deal, both exchanges were required to set up shop in the South Korean city.
In addition to this, both these platforms would extend support in formulating Busan’s city-backed crypto exchange which is expected to be the first of its kind.
It should also be noted that both these exchanges were assigned specific roles as well. Crypto.com for instance was required to aid local blockchain startups by contributing to their growth. Gate.io, on the other hand, is expected to train over a thousand local blockchain professionals every year.
Furthermore, both these exchanges would be allowed to take part in Blockchain Week in Busan [BWB] which is scheduled to take place from October 27 to October 29.
Crypto.com joins its counterparts in Busan
It seems like Busan is extensively inclined towards emerging as a prominent blockchain hub. Over the last couple of months, the city welcomed prominent crypto exchanges. Changpeng Zhao’s Binance was the first one to enter and was followed by FTX and Huobi respectively.
All the aforementioned exchanges along with Crypto.com and Gate.io would be working towards building the Busan Digital Asset Exchange. Busan’s Mayor Park Hyung-jun said,
“With this agreement, Busan is one step closer to becoming a global digital finance hub city.”
It should be noted that Crypto.com made its veered into South Korea back in August this year. The exchange managed to acquire prominent payment service firm PnLink Co. as well as OK-BIT Co exchange and garnered the Electronic Financial Transaction Act and Virtual Asset Service Provider registration licenses.
