Busan Plans to be a Global Digital Financial Hub, Partners with Binance
Binance, one of the largest known centralized crypto exchange platforms, announced last August 26 the signing of a Memorandum of Understanding (MoU) with the City of Busan, South Korea. An MoU is a type of agreement between two or more parties that expresses a convergence of will between the parties, suggesting a preplanned line of action.
With this MoU, Binance will support the City of Busan in creating infrastructures and provide the technology to develop its own blockchain ecosystem. In the process, promoting the creation of the Busan Digital Asset Exchange. The partnership will also form an order book sharing which will benefit the city in cryptocurrency or virtual asset exchanges.
The plans of Binance to develop and promote Busan’s blockchain sector are by these means:
- Maximizing Busan’s blockchain regulatory-free zone to encourage more blockchain initiatives and businesses;
- Supporting blockchain-related research and investments within Busan;
- Providing educational material for specialized blockchain using the online resources from Binance Academy;
- Advancing initiatives that caters to the well-being of the society through Binance Charity; and
- Assisting with the establishment of the Blockchain Week in Busan in 2022 (BWB 2022).
Binance has also announced that it will be operating within the City by the end of 2022. Its presence will serve as a catalyst for the city’s development as one of East Asian Region’s most dynamic digital hubs.
Founder and CEO of Binance Changpeng Zhao expressed his enthusiasm about the partnership with the city of Busan which he believes will bring tangible blockchain-related developments that can promote be beneficial to the city’s innovation efforts, “Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries.”
Mayor of Busan Heong-Joon Part stated that the agreement with Binance will be a step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets, “By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”
Recently Binance, represented by Head of APAC Leon Foong and General Manager for the Philippines Kenneth Stern joined the Philippine Senate’s Committee on Banks, Financial Institutions and Currencies to introduce the operation of Binance to the Committee and presented facts that would showcase the benefits of having cryptocurrency in the Philippines (Read: Binance Participates in Senate Hearing).
Binance is a centralized cryptocurrency exchange which is the largest exchange globally in terms of its daily trading volume of cryptocurrencies. CEO and founder Changpeng Zhao, also known as CZ, established the platform in 2017 and now operates worldwide. Providing its millions of users with cryptocurrency trading and exchanges and educating them using Binance Academy about cryptocurrencies and the different features of its platform.
This article is published on BitPinas: Busan Plans to be a Global Digital Financial Hub, Partners with Binance
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.