• Wed. Feb 21st, 2024

Binance says it will help Busan city grow its blockchain industry, says Binance exec

Binance has assured the city of Busan that it would help it grow its blockchain industry from the bottom.

Leon Foong, the head of APAC for Binance, revealed in a recent interview that the cryptocurrency exchange is committed to helping Busan grow its blockchain industry.

Busan, which is South Korea’s second-largest city and one of Asia’s largest ports, partnered with Binance in August. 

Per the terms of the partnership, the City of Busan will receive technological and infrastructure support from the cryptocurrency exchange for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange. 

While speaking at the Blockchain Week event in Busan, Foong stated that;

“Busan has been one of the first movers in this space in terms of making announcements in terms of a commitment to growing an ecosystem … And we want to leverage their vision to really double down on ecosystem growth.”

He added that Binance is focused on building its educational infrastructure in Busan. The crypto exchange believes that it can help with blockchain adoption by educating the local populace about the emerging technology. Foong added that;

“[Because] ultimately, people need to build. You need to leverage the blockchain to build applications with true utility, that benefits communities, that benefits humanity.”

Binance signed a memorandum of understanding (MOU) with three universities based in Busan last week. The crypto exchange intends to provide seminars, mentoring and internships. The crypto exchange also operates a line of educational platforms, headlined by Binance Academy.

Foong believes that obtaining global liquidity will offset the Kimchi Premium currently in practice in South Korea. However, it would benefit entrepreneurs and builders in blockchain as it would allow them to fully tap into the global community. He said;

“At the end of the day, you want an efficient marketplace. You want assets from institutions, from government pension funds, from retail users to be able to flow freely, to be allocated projects that are genuinely believed to generate the highest returns.”

In addition to Binance, the City of Busan also partnered with FTX, one of the leading crypto exchanges in the world. Huobi Global, Crypto.com and Gate.io are the other crypto companies the City of Busan signed an MoU with.

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