A global cryptocurrency exchange by the name of Huobi Global made the announcement on Wednesday that it will sign a memorandum of understanding with the city of Busan in South Korea.

The intent of this agreement is for Huobi Global to assist Busan in establishing its first cryptocurrency exchange and promoting its blockchain ecosystem.

The deal calls for Huobi to offer technical and infrastructural assistance for the city-backed cryptocurrency exchange, as well as to bring more than 1,500 blockchain industry employees from across the globe to the city of Busan. The details of the agreement were disclosed in a press release.

After a cooperation was announced between Binance and FTX only one month ago, Huobi Major has become the third global cryptocurrency exchange to join with Busan.

In order to better serve the needs of local blockchain firms and communities, the Korean headquarters of cryptocurrency exchange Huobi will move from Seoul to the port city of Busan.

Both Binance and FTX have stated that they would establish offices in Busan, with the intention of assisting the development of the city’s blockchain sector. On the other hand, none of the two departments is anticipated to launch its own regional cryptocurrency exchanges.

The city of Busan, which is the second largest in South Korea, has been designated as a “blockchain-free zone,” which means that blockchain developers are permitted to present their projects or ideas to the local administration, despite restrictions that prevent them from doing so elsewhere in Korea. This location has the potential to become a hub for business and commercial collaboration.

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