Binance to help Busan grow its blockchain industry
Binance has assured the city of Busan that it will help it grow the blockchain industry from scratch.
Leon Foong, the head of APAC for Binance, revealed in a recent interview that the cryptocurrency exchange is committed to helping Busan grow its blockchain industry.
Busan, which is South Korea’s second largest city and one of Asia’s largest ports, partnered with Binance in August.
Under the terms of the partnership, the city of Busan will receive technological and infrastructure support from the cryptocurrency exchange for the development of the city’s blockchain ecosystem and the promotion of the Busan Digital Asset Exchange.
While speaking at the Blockchain Week event in Busan, Foong stated that;
“Busan has been one of the first movers in this space to make announcements in terms of a commitment to grow an ecosystem … And we want to leverage their vision to really double ecosystem growth.”
He added to it Binance is focused on building its educational infrastructure in Busan. The crypto exchange believes it can help with blockchain adoption by educating local people about the new technology. Foong added that;
“[Because] ultimately people have to build. You have to leverage the blockchain to build applications with real utility, that benefit communities, that benefit humanity.”
Binance signed a memorandum of understanding (MOU) with three universities based in Busan last week. Kryptobørsen intends to offer seminars, guidance and internships. The crypto exchange also operates a number of educational platforms, led by the Binance Academy.
Foong believes that raising global liquidity will offset the Kimchi Premium currently in practice in South Korea. However, it will benefit blockchain entrepreneurs and developers as it will allow them to fully tap into the global community. He said;
“At the end of the day, you want an efficient marketplace. You want assets from institutions, from government pension funds, from private clients to be able to flow freely, to be allocated to projects that are really believed to give the highest returns.”
In addition to Binance, the city of Busan as well the collaboration with FTX, one of the leading crypto exchanges in the world. Huobi Global, Crypto.com and Gate.io are the other crypto companies Busan City signed an MoU with.
