As Huobi Global makes its way into the cryptocurrency industry’s environment, the city of Busan in S. Korea continues to form deals with crypto giants. Huobi Korea subsidiary has become the most recent crypto exchange to sign a memorandum of understanding with the administration of Busan in order to take part in the growth of the blockchain sector in that region. The cooperation would result in the firm helping the Busan Digital Currency Exchange in the areas of research, tech, and financial assistance.
Since 2019, Huobi has maintained a presence in South Korea via the operation of a local office, and in 2021, the company was granted an obligatory regulatory license by the South Korean Financial Services Commission. The firm notes that its operating expertise within the region is a crucial aspect in aiding Busan’s ambition of becoming a worldwide blockchain center.
Huobi Korea CEO Junyong Choi is sure that Busan has excellent traits for supporting innovation and development, and he believes that blockchain technology may revolutionize conventional sectors and bring profit from such transformations. As part of the arrangement, Huobi has also committed to being a sponsor for the Busan Blockchain Week, which will take place at the end of October 2022.
The city of Busan also signed a deal with FTX, which is owned by Sam Bankman-Fried, to receive assistance in the construction of the city’s local exchange. Additionally, Binance signed a similar agreement with the city. FTX and Binance will each build a local presence in Busan.
