The South Korean city of Busan intends to launch its own crypto exchange together with FTX

The authorities of the second largest city in South Korea have launched a joint initiative with the FTX trading platform aimed at integrating the blockchain into the city ecosystem.

The goal of cooperation between the city authorities and the platform is to launch a joint cryptocurrency exchange on the territory of the second largest city in South Korea. Cryptocurrency company Sam Bankman-Fried (Sam Bankman-Fried) promises to provide all possible support to city authorities and businesses in the development of the blockchain.

FTX intends to participate in blockchain education for students of local universities, help with projects in the city’s special free zone, which was established back in 2019. FTX Investment Division CEO Amy Woo says the company will open a Korean branch of FTX in Busan over the next 12 months to help the city “become the digital financial hub of Asia.”

This is not the first initiative of the city authorities to integrate the blockchain and crypto assets into the infrastructure. At the beginning of the month, the world’s largest crypto exchange Binance signed a cooperation agreement with a city in South Korea to develop the blockchain industry and facilitate the launch of a local digital asset exchange.
Ever since Busan was chosen as South Korea’s sandbox for testing cryptocurrency solutions in 2019, the city has been striving to position itself as a blockchain powerhouse. Blockchain technology is being used in a number of projects, including the deployment of a proprietary identity system, support for crypto-currency payments for various services on the most popular beaches, and a driver’s license issuance platform.