- Busan receives a green signal from FTX to build its own crypto exchange.
- On August 30, 2022 Busan signed a MOU with FTX.
The MOU Between FTX and S.Korea’s Busan
In a memorandum of understanding (MOU) Busan got the approval from Bahamian crypto exchange, FTX. The exchange will help Busan to develop its own digital asset exchange. It will provide technical and infrastructure assistance to Busan.
The FTC founder, Sam Bankman-Fried, further plans to cooperate with Busan for promoting different blockchain projects by partnering with the local Universities. It will provide blockchain-specific education to the Universities.
In a press release by the City Administration, the Head of Ventures and Gaming, Amy Wu, announced that FTX will launch its Office next year. It will be based in Busan, S.Korea. This will help the city to be Asia’s Digital Finance Hub.
Binance and Busan’s MOU
The FTX development plan comes after another crypto exchange firm, Binance, announced an MOU with the city. On August 26, 2022, Binance already signed a MOU with Busan that aimed for the same purpose.
Binance CEO and Founder, Changpeng Zhao, made the announcement by stating, “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 S.Korea’s Busan, the city collected more projects and proposals based on blockchain. In 2020 it was referred to as a “blockchain regulatory free-zone.” While no other city in S.Korea accepts the proposals due to its Country Regulations.
FTX reportedly received the spotlight when it announced the purchase of S.Korean crypto exchange, Bithumb, in July 2022. But the information source of this purchase was anonymous.
Source: https://www.thecoinrepublic.com/2022/08/31/ftx-will-help-s-koreas-busan-for-building-its-crypto-exchange/