South Korea’s “blockchain” city of Busan continues to strike deals with crypto industry giants as Huobi enters the global growth ecosystem.
Huobi Global and its Korean arm became the latest exchange to sign a memorandum of understanding with the Busan Metropolitan City Government to participate in the development of its blockchain industry.
According to an official announcement from Huobi, the partnership will provide the company with research and development, technology and financial support for the Busan digital currency exchange. Huobi is also ready to assist in identifying and hiring blockchain talent for local exchanges in Busan.
Huobi has been operating a local office since 2019 and received a mandatory regulatory license from the South Korean Financial Services Commission in 2021. The company cites its operational experience within the country as a key factor in aiding Busan’s goal of becoming a global cryptocurrency and blockchain hub. ,
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A statement from Huobi Korea CEO Junyong Choi highlighted the expertise of Huobi Research Institute and Huobi Academy as key drivers of the company’s existing business relationships and partnerships with Korean blockchain ecosystem participants:
“We believe that Busan has strong qualities to foster innovation and growth, and share their belief that blockchain technology can transform and benefit traditional industries.”
Huobi has also committed to sponsor Busan Blockchain Week at the end of October 2022 as part of the agreement.
Busan signed an agreement with Sam Bankman-Fried’s cryptocurrency trading platform FTX in August 2022 to assist with the development of Busan’s local exchange. Binance struck a similar deal with City the same month, with CEO Changpeng “CZ” Zhao during the announcement.
Both FTX and Binance are set to establish a local presence in the city as part of the deal, while Huobi Korea’s local office already has a foot in Busan.
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