Crypto.com and Gate.io join a group of crypto exchanges already assisting the city of Busan in launching a local crypto exchange.
Two cryptocurrency exchanges, Crypto.com and Gate.io, are entering the list of crypto exchanges aiding the South Korean city of Busan in launching digital asset exchange.
According to the press release shared by Gate.io, the company has signed the Memorandum of Understanding (MoU) to assist in the development of blockchain infrastructure in Busan.
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The crypto exchange will assist in helping to “establish and operate the Busan Digital Asset Exchange and ISMS-certified technical platforms.” Moreover, Gate.io undertakes to support the promotion of the city’s blockchain industry, assisting in developing and distributing of city's stablecoin and establishing a blockchain and crypto education center.
When talking about the MoU, Gate.io CEO and Founder Dr. Lin Han, noted:
We are pleased to be collaborating with the City of Busan on a collective journey to forge a true blockchain city that will fuel the local blockchain industry. The city's robust approach to blockchain technology, combined with our industry expertise, will help solidify the city as a blockchain leader.
On the other hand, Crypto.com has also shared a separate announcement, claiming that it will assist the city of Busan in advancing its blockchain ecosystem and developing its Digital Asset Exchange project.
Crypto.com Chief Operating Office (COO) Eric Anziani highlighted that the company is ready to leverage “its partnerships, resources, and expertise to advance innovation, technologies, education, and research” in Busan.
The City of Busan is making great strides in becoming a global hub for innovation and we are excited to partner and support these efforts. There is a real opportunity to make a tremendous impact in advancing the potential of blockchain technology in Busan and beyond and we are eager to collaborate and leverage our relationships and expertise in realizing that potential.
As part of the deal, both crypto exchanges are set to establish shop in the South Korean city. After signing the MoU, both crypto exchanges received invitations to participate in Blockchain Week in Busan [BWB], scheduled to take place on October 27th to 29th.
Crypto.com and Gate.io are the fourth and fifth crypto companies joining Busan’s plans to establish Digital Asset Exchange. Previously, major crypto exchanges, Binance, Huobi, and FTX, have also signed MoU with the South Korean city.
It is worth noting that, at the beginning of August, Crypto.com received South Korean registration licenses after acquiring two Korean crypto firms, payment service provider PnLink Co., Ltd and virtual asset service provider OK-BIT Co., Ltd.
