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.
The company, which will provide Busan with technological and infrastructure help for building out the city’s blockchain industry, said it will also push the promotion of the Busan Digital Asset Exchange and order book sharing.
In an effort to develop and foster Busan’s blockchain space, Binance said it will utilize the city’s blockchain regulatory-free zone to promote blockchain initiatives and businesses, in addition to supporting blockchain-related research and investments.
The crypto mammoth added that it will establish a presence in Busan by the end of 2022 “to help grow crypto adoption within the city and beyond,” said Binance CEO and Founder Changpeng Zhao.
The move comes as other crypto-related firms make their way into the country with goals of expanding their global reach and overall crypto adoption. Earlier in August, crypto exchange Crypto.com entered South Korea after acquiring two startups in the country.