Binance will support the development of the blockchain ecosystem in the South Korean city of Busan.

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The South Korean city of Busan is receiving assistance from Binance to “grow crypto adoption within the city and beyond.” The development of the city’s blockchain ecosystem as well as the Busan Digital Asset Exchange will be assisted by the international cryptocurrency exchange.

The Memorandum of Understanding (MOU) between Binance and Busan Metropolitan City was signed, according to a Friday announcement from the cryptocurrency exchange. The second largest city in South Korea is Busan, which has a population of about 3.4 million and is situated on the southernmost point of the Korean peninsula.

According to the agreement, Binance will provide technical and infrastructure support to the city of Busan in order to foster the growth of the city’s blockchain ecosystem and the Busan Digital Asset Exchange.

The business continued, mentioning that it would be establishing a presence in Busan by the end of the year. “Order book sharing will be another form of cooperation between the two parties,” it said.

Binance CEO Changpeng Zhao (CZ) said: “We are happy to be working with the city of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts.” The executive opined:

Through our industry-leading position and technological expertise, combined with the city of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond.

“We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries,” Zhao added. The mayor of Busan, Heong-Joon Park, commented:

With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets.

“By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub,” he further said.