The South Korean metropolitan city of Busan has signed a Memorandum of Understanding (MoU) with Binance, the biggest crypto exchange by trading volume in the world.
According to the announcement, the MoU will ensure that the crypto exchange will help the South Korean city establish its own exchange dubbed Busan Digital Asset Exchange.
Despite the unfavorable events around the cryptocurrency ecosystem which has witnessed the closure of several crypto firms, Binance continues to stand tall, sealing deals that continues to appreciate the public image of the blockchain industry.
With the signed MoU, Binance will facilitate the development of the Busan cryptocurrency ecosystem, making it a hub of global attention in crypto.
The crypto exchange will help to promote crypto initiatives and new businesses in Busan, support research and development in web3, make provision for specialized training and education using virtual resources and assist in organizing the Blockchain Week in Busan slated to hold this year, among others.
Binance also added that by the end of the year, it will be establishing a branch of its firm in the city. This is to ensure that all the innovations that will be pioneered by its firm will be duly monitored on the ground.
The CEO of Binance, Changpeng Zhao noted that the crypto exchange is excited to sign this agreement with Busan, enabling it to sponsor blockchain technologies in the city. He added that the tech expertise that his firm has, coupled with the massive support that the city has for blockchain technologies will guarantee the success of this agreement.
The mayor of the city, Heong-Joon Park said that this signed agreement signifies progress in the establishment of the city’s crypto exchange. He further added that with the global attention that the city will witness, “we will boost a new growth engine for the local economy and make it a global digital finance hub”.
This new development follows an array of advancements that Binance has witnessed recently. Two weeks ago, the crypto exchange secured an in-principle approval from Kazakhstan to function as a crypto exchange platform, following a partnership deal with Mastercard earlier this month.
Image source: Shutterstock