Busan Partners with FTX to Build City Crypto Exchange

The South Korean city of Busan has partnered with the American crypto exchange FTX to build a local crypto trading platform and jointly promote the development of blockchain technology.

Accordingly, Sam Bankman-Fried-led FTX will support the establishment of the Busan City Digital Asset Exchange, according to an Aug. 30 announcement from the Busan City Government.

As part of the partnership, the city of Busan will use FTX's technical infrastructure and solutions to create its own trading platform. In addition, FTX will develop specific blockchain educational content in collaboration with local colleges and launch projects within the city's Blockchain Special Free Zone .

As confirmed by FTX Investment Director Amy Woo, FTX will also establish a South Korean branch in Busan to help the city become "a hub for digital finance in Asia".

The collaboration between Busan and FTX comes just a short time after the city entered into a similar partnership with leading crypto exchange Binance. On August 26, both sides agreed that the city's trading platform would also provide technical infrastructure for the development of blockchain projects. Binance CEO Changpeng Zhao met with Busan Mayor Heong-Joon Park to make the announcement.

The South Korean city has been working hard over the past five years to establish itself as a blockchain hub within South Korea and has already launched several initiatives to do so. After Busan was awarded the contract to build the South Korean blockchain sandbox in 2019, several projects have now settled in the city to make use of it.

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