Cryptocurrency: South Korea’s Busan City signs partnership deal with FTX crypto exchange

South Korea’s Busan City has been labeled the “Blockchain City” for its digital businesses in the region. Now it is further expanding its involvement in the cryptocurrency industry by teaming up with FTX crypto company based in the Bahamas to establish a local crypto exchange.

This latest move from the local government of Busan City just shows it is serious about fostering the growth of the cryptocurrency sector in the region. The second largest city in the country just announced it had joined forces with the FTX crypto trading platform to support blockchain development while building its own local crypto exchange.

As per CoinTelegraph, the Sam Bankman-Fried and Gary Wang-founded crypto exchange firm will be helping in the creation of the Busan Digital Asset Exchange. This plan for the establishment of the BDAE has been confirmed by the Busan Metropolitan City on Tuesday, Aug. 30. After setting up the exchange, FTX will also provide continuous support to the city to further develop and grow its blockchain industry.

Amy Woo, the chief executive officer of FTX’s investment division, shared that they will open a branch office in Busan within the next 12 months. By having a local base there, the company will be able to provide the support that Busan needs more easily. It is aiming to assist the city and help push it to become the core of digital financial business in the Asian region.

“We plan to establish a Korean branch of FTX in Busan within the next year and FTX will actively cooperate so that Busan can grow into a digital financial hub city in Asia,” the CEO said.

Busan City will utilize FTX’s infrastructure and advanced technology to launch its own crypto exchange. In any case, FTX is a global virtual asset exchange firm that was established in May 2019. It is the second largest crypto company in the world and the biggest in the group of non-Chinese exchanges.

Finally, Park Hyung Jun, the city mayor of Busan, said in a press release, “With this agreement, we will help establish the Busan Digital Asset Exchange and secure a new growth engine for the local economy by making Busan a specialized block-chain city. I will not stop.”