Busan, South Korea’s second-largest city and its wannabe blockchain central, is signing business agreements with two global cryptocurrency exchanges, Crypto.com and Gate.io, to grow the city’s blockchain ecosystem, according to an announcement on Wednesday.

See related article: South Korea’s Busan city wants to be blockchain central. Did everyone get the memo?

Fast facts

  • As part of the agreement, Crypto.com and Gate.io will establish regional offices in Busan and provide technology and infrastructure support to the city in building its first city-backed cryptocurrency exchange.
  • Crypto.com pledges to support the growth of local blockchain startups, while Gate.io plans on training a thousand local blockchain professionals annually.
  • Crypto.com and Gate.io mark the fourth and fifth global cryptocurrency exchanges to sign with Busan, following Binance, FTX and Huobi Global.
  • Busan was designated as a “special blockchain regulation-free zone” in 2019, which allows blockchain developers to bring forth projects or ideas to the city government that might be restricted elsewhere in Korea due to regulations.
  • With the designation, Busan is hoping to establish itself as the digital hub of Asia.
  • Crypto.com and Gate.io representatives will participate in the Blockchain Week in Busan (BWB) event, which features keynote speeches from global crypto leaders and over 300 booths of blockchain tech firms. The event takes place from Oct. 27 to Oct. 29.

See related article: Huobi becomes third global exchange to sign with S.Korea’s Busan city