Busan welcomes these two crypto exchanges to boost blockchain sector

According to a statement released on 26 October, Busan, South Korea’s second-largest city and aspiring blockchain hub, has signed commercial partnerships with Gate.io and Crypto.com to expand its blockchain ecosystem.

As part of the deal, Crypto.com and Gate.io will open regional offices in Busan and support the development of the city’s first cryptocurrency exchange with technology and infrastructure.

While Gate.io intends to yearly train 1,000 local blockchain professionals, Crypto.com promises to help the development of local blockchain firms.

What does this mean for the crypto infrastructure?

Busan secured commercial deals with Gate.io and Crypto.com, according to recent sources. Both exchanges were required to open shops in the South Korean city as per the terms of this agreement.

Additionally, each of these platforms would offer assistance in creating Busan’s municipally supported cryptocurrency exchange, which is anticipated to be the first of its kind.

It should be emphasized that each of these exchanges had a designated role. 

Both the exchanges would be eligible to participate in Busan Blockchain Week [BWB], which is slated to run from 27 October to 29 October.

Following Binance, FTX, and Huobi Global, Crypto.com and Gate.io are the fourth and fifth international Bitcoin exchanges to join with Busan.

It should be mentioned that in August of this year, Crypto.com branched out into South Korea. The exchange was successful in acquiring the well-known virtual asset service provider license and the Electronic Financial Transaction Act registration from PnLink Co. and OK-BIT Co.

Busan and blockchain

It appears like Busan is strongly leaning toward becoming a significant blockchain hub. The city has recently attracted well-known cryptocurrency exchanges.

Together with Crypto.com and Gate.io, all the aforementioned exchanges will strive to develop the Busan Digital Asset Exchange. Park Hyung-jun, the mayor of Busan, said,

“Busan is one step closer to becoming a worldwide digital finance hub city with this agreement.”

2019 saw the designation of Busan as a “special blockchain regulation-free zone,” allowing blockchain developers to present projects or ideas to the local government that could be constrained elsewhere in Korea due to laws. Busan wants to position itself as Asia’s digital hub by receiving the title.