The South Korean blockchain city of Busan continues to strike deals with cryptocurrency industry heavyweights as Huobi Global enters the development ecosystem.
Huobi Global and its Korean branch have become the latest exchange to sign a memorandum of understanding with the Busan Metropolitan City government to participate in the growth of its blockchain industry.
According to an official announcement from Huobi, the partnership will see the company provide research and development, technology, and financial support to the Busan Digital Currency Exchange. Huobi will also assist in identifying and recruiting talent from the blockchain space for the local Busan exchange.
Huobi has been operating a local office since 2019 and received a compulsory regulatory license from the South Korea Financial Services Commission in 2021. The company cites its operational experience within the country as an important factor in helping Busan’s goal of becoming a a world center for cryptocurrencies and Blockchain technology.
A statement from Huobi Korea CEO Junyong Choi highlighted the company’s existing business ties with participants in the Korean blockchain ecosystem and the expertise of the Huobi Research Institute and Huobi Academy as key drivers of the partnership:
“We believe that Busan has strong attributes to foster innovation and growth, and we share their belief that blockchain technologies can transform and benefit traditional industries.”
Huobi has also agreed to sponsor Busan Blockchain Week in late October 2022 as part of the deal.
Busan also signed an agreement with Sam Bankman-Fried’s cryptocurrency trading platform FTX in August 2022 to help the development of the local Busan exchange. Binance also signed a similar deal with the city in the same month, with CEO Changpeng “CZ” Zhao in attendance during the announcement.
Both FTX and Binance are going to establish a local presence in the city as part of the deal, while the local office of Huobi Korea already has a foothold in Busan.
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