Busan, South Korea’s second most populous city, Tuesday signed a memorandum of understanding (MOU) with global cryptocurrency exchange FTX to help develop a digital asset exchange.
See related article: Binance to help S. Korea’s Busan build first city-backed exchange
Fast facts
- FTX will provide technical and infrastructure assistance to Busan city in establishing the digital asset exchange.
- The Sam Bankman-Fried backed crypto derivatives exchange is also planning to cooperate with the city in promoting various blockchain projects and partner with local universities in providing blockchain-specific education.
- Amy Wu, Head of Ventures and Gaming at FTX, said that FTX will launch its Korea office in Busan next year, and will help the city become Asia’s digital finance hub, according to a press release by the city administration.
- The development comes after Binance also announced an MOU with Busan last week for the same purposes.
- Busan city was designated as a “blockchain regulatory-free zone” in 2020 where developers can bring blockchain-related proposals or projects to the city government that may not be considered elsewhere in the country due to regulations.
- FTX was recently reported to be in talks to purchase Bithumb, one of South Korea’s top five crypto exchanges.
See related article: South Korea’s top financial regulator to accelerate new crypto legislation