Binance, the world’s largest cryptocurrency exchange by trading volume, has signed a Memorandum of Understanding with Busan, South Korea, to support the development of the city’s blockchain ecosystem, according to a new blog. post.
The company, which will provide Busan with technological and infrastructure assistance to build the city’s blockchain industry, said it will also push for the promotion of the Busan Digital Asset Exchange and order book sharing.
In an effort to develop and expand the Busan blockchain space, Binance said it will use the city’s blockchain regulation-free zone to promote blockchain initiatives and businesses, in addition to supporting blockchain-related research and investment.
The crypto mammoth added that it will establish a presence in Busan by the end of 2022 “to help grow crypto adoption in the city and beyond,” said Binance CEO and Founder Changpeng Zhao.
The move comes as other crypto-related companies enter the country with the aim of expanding their global reach and overall crypto adoption. Before August, crypto exchange Crypto.com enter South Korea after acquiring two startups in the country.
Earlier, (August 4) Mastercard, Binance launched crypto prepaid card in Argentina.