Busan, FTX Sign a Business Deal to Launch Busan Digital Asset Exchange

Partnership To Support Crypto Ecosystem

FTX is still performing well despite the adverse developments in the cryptocurrency environment that have resulted in the liquidation of some crypto businesses. The partnership will support Busan's crypto ecosystem by maintaining the industry's high public profile and turning the city into a significant cryptocurrency hub. Additionally, the two organizations will collaborate with institutions in the Busan region and several initiatives to jointly manage the free zone utilizing the Busan blockchain to develop blockchain-specific education.

Digital Asset Exchange Establishment

This agreement would support the establishment of the Busan Digital Asset Exchange and secure a new growth engine for the local economy, Mayor Park Hyung-jun said. He pledged to use every resource at his disposal to make the South Korean city a blockchain hub. Before this, the city declared it would work with Binance to develop the Busan Digital Asset Exchange and create a collaboration framework.

On August 27, Yong-beom Kim, former first deputy minister of the Ministry of Planning and Finance of South Korea, joined Hashed Open Research, a blockchain, and digital technology research institute, as CEO. Samsung Securities, Mirae Asset Securities, and five other giant brokerage companies have applied for preliminary approval to operate a crypto exchange within the first half of 2023.