Busan, which is both a port city and the second-largest city in South Korea, has formed a cooperation with the Financial Technology Exchange (FTX) with the intention of easing the incorporation and expansion of businesses that are concerned with blockchain technology and crypto.
Because of this agreement, the cryptocurrency ecosystem in Busan will see accelerated development, and the city will become a magnet for people from all over the globe who are interested in cryptocurrencies.
Using the platform and technology provided by FTX, the city of Busan will also launch its very own local cryptocurrency exchange which will be known as the Busan Digital Asset Exchange.
Busan is no stranger to collaborating with top cryptocurrency exchanges. The Korean city has already signed a partnership with Binance as it investigated the financial and non-financial advantages of blockchain technology for identification papers, vouchers, and a tokenized local currency.
The Mayor of Busan, Park Hyung-jun, has indicated that he will not give up on his attempts to make Busan a center for blockchain technology.
Additionally, he will provide a boost to the economy of the local area by establishing the Busan Digital Asset Exchange, which will be an important step toward achieving his goal.
To quote him directly:
By entering into this arrangement, we will contribute to the establishment of the Busan Digital Asset Exchange and provide a new source of economic expansion for the surrounding area.
South Korea keeps showing that it has what it takes to establish itself as a center of some relevance within the cryptocurrency business on a worldwide scale, and it does so by continuing to demonstrate that it has what it takes to do so.
This is something that has created and continues to create a significant chasm between it and the American and European coasts, where regulatory concerns at every level are still prioritized above capitalizing on the opportunities presented by this technology.
This is something that has created and continues to create a significant chasm between it and the American and European coasts.
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