Binance to develop blockchain infrastructure in Busan, South Korea

The largest crypto exchange will provide technological and infrastructure support for the development of the city’s blockchain and promotion of the Busan Digital Asset Exchange.

An image of Binance and Busan logos together.
Image: Binance

Today, Binance signed a memorandum of understanding (MOU) with the City of Busan in South Korea to help develop the city’s blockchain sector and support its efforts in boosting local crypto adoption. Under the agreement, the company plans to promote societal well-being through its charity arm, support blockchain-related research and investments in the city, educate locals about crypto through Binance Academy, and help with the organization of Blockchain Week in Busan in 2022

“We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts,” said Changpeng Zhao, CEO and founder of Binance, in an official statement. “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.”

Binance announced it plans to set up an office in Busan by the end of the year, which is expected to turn the city into a burgeoning crypto hub of the East Asia region.

“With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets,” said Heong-Joon Park, Mayor of Busan. “By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”

Busan, South Korea’s second-most populous city after the capital Seoul, is a busy port and a popular tourist destination. Located in the southeastern part of the country, the city has a population of over 3.4 million inhabitants.