Binance Partners with Authorities in Busan to Increase Blockchain Adoption

Binance Partners with Authorities in Busan to Increase Blockchain Adoption

August 26, 2022 0 By Jeanine Sanchez

Binance, the biggest crypto exchange in the world and a big player in the blockchain space, has announced that it has entered a new partnership with the South Korean city of Busan. The firm said the point of the partnership is to champion the wider adoption of advanced technologies in the city.

Aid to Busan

The partnership entails that the city will get some technical support, as well as infrastructure, from Binance. These aids will be used in developing Busan’s blockchain environment. In addition, the city plans to advance the course of its Digital Assets Exchange to promote participation in the cryptocurrency sector.

Binance has said it is working and planning to firmly establish its position in Busan by the end of 2022. Binance has a commendable good presence in Asia.

Binance founder and CEO, Changpeng Zhao, popularly called CZ, said that the firm is glad to be in partnership and work with the city of Busan. He said the partnership is geared toward bringing significant developmental blockchain-centered benefits. He went further by saying the partnership will boost the city’s innovative drive in technology.

Through Binance’s leadership position and technical expertise in the blockchain industry, working with the city of Busan which gives solid support to the blockchain industry will help us increase the adoption of cryptocurrencies in the city. 

CZ said the firm looks forward to its close working relationship with the city in order to establish its Digital Assets Exchange, as well as other associated blockchain industries.

South Korea’s Advances in Crypto

Binance became the world’s number one crypto exchange that has the largest Bitcoin in its possession last month. Importantly, the firm secured a Virtual Assets Service Provider license from Spain in the same month as that achievement. 

South Korea has one of the best thriving economies in Asia. It is one of the earliest adopters of blockchain and crypto technologies in the entire world. The city of Busan will now further strengthen its place as a hub for digital finance with the latest partnership it is entering with Binance.

Busan’s Mayor, Heong-Joon Park, has said that they are a step closer to setting up Busan’s Digital Assets Exchange with the recent agreement. The goal is to set the exchange up as a digital asset integration platform globally.

Park said further that converting Busan into a city that is specialized in blockchain technology will attract global attention. Busan will be able to evolve a new economic engine and become a global digital hub.