Busan welcomes these two crypto exchanges to boost the blockchain sector
According to a statement released on October 26Busan, South Korea’s second largest city and aspiring blockchain hub, has signed commercial partnerships with Gate.io and Crypto.com to expand its blockchain ecosystem.
As part of the agreement, Crypto.com and Gate.io will open regional offices in Busan and support the development of the city’s first cryptocurrency exchange with technology and infrastructure.
While Gate.io aims to annually train 1,000 local blockchain professionals, Crypto.com promises to aid the development of local blockchain firms.
What does this mean for the crypto infrastructure?
Busan secured commercial deals with Gate.io and Crypto.com, according to recent sources. Both exchanges were required to open shops in the South Korean city under the terms of this agreement.
In addition, each of these platforms will offer assistance in creating Busan’s municipally-backed cryptocurrency exchange, which is expected to be the first of its kind.
It should be emphasized that each of these exchanges had a designated role.
Both exchanges will be eligible to participate in Busan Blockchain Week [BWB]which is scheduled to run from October 27 to October 29.
After Binance, FTX and Huobi Global, Crypto.com and Gate.io are the fourth and fifth international Bitcoin exchanges to join Busan.
It should be mentioned that in August of this year Crypto.com branched out to South Korea. The exchange was successful in acquiring the well-known virtual asset service provider license and the Electronic Financial Transaction Act registration from PnLink Co. and OK-BIT Co.
Busan and blockchain
It seems that Busan is highly inclined to become a significant blockchain hub. The city has recently attracted well-known cryptocurrency exchanges.
Together with Crypto.com and Gate.io, all the aforementioned exchanges will strive to develop the Busan Digital Asset Exchange. Park Hyung-jun, the mayor of Busan, said:
“Busan is one step closer to becoming a global digital financial hub city with this agreement.”
In 2019, Busan was designated as a “Special Blockchain Regulation Free Zone”, which allows blockchain developers to present projects or ideas to local governments that may be restricted elsewhere in Korea due to laws. Busan wants to position itself as Asia’s digital hub by receiving the title.
