South Korea’s propensity towards cryptocurrencies and crypto exchanges has been making news. But this wasn’t just about cryptocurrency. The nation was seen adopting the underpinning technology of cryptocurrencies. One of South Korea’s largest cities, Busan, has been working to become the next major blockchain hub. Leading crypto exchanges Gate.io and Crypto.com have decided to support Busan’s attempts to develop its blockchain ecosystem.
Reportedly, Busan secured commercial deals with Gate.io and Crypto.com, according to recent sources. Both exchanges were required to open shops in the South Korean city as per the terms of this agreement.
Additionally, each of these platforms would offer assistance in creating Busan’s municipally supported crypto exchange, which is anticipated to be the first of its kind.
It should be emphasized that each of these exchanges had a designated role. For example, it was expected of Crypto.com to support the expansion of regional blockchain firms. On the other hand, Gate.io is anticipated to annually train more than a thousand local blockchain professionals.
Additionally, each of these exchanges would be eligible to participate in Busan Blockchain Week [BWB], which is slated to run from October 27 to October 29.
Busan: The New Crypto Exchange Hub
It appears like Busan is strongly leaning toward becoming a significant blockchain hub. The city has recently attracted well-known cryptocurrency exchanges. Binance, owned by Changpeng Zhao, entered first, followed by FTX and Huobi, in that order.
The Busan Digital Asset Exchange is being built by all of the aforementioned exchanges, as well as Crypto.com and Gate.io. Park Hyung-jun, Busan’s Mayor stated,
“With this agreement, Busan is one step closer to becoming a global digital finance hub city.”
It should be mentioned that in August of this year, Crypto.com branched out into South Korea. The exchange was successful in acquiring the well-known virtual asset service provider license and the Electronic Financial Transaction Act registration from PnLink Co. and OK-BIT Co.
In a statement, Crypto.com announced that it had successfully acquired both the virtual asset service provider OK-BIT Co., Ltd. and payment service provider PnLink Co., Ltd. By doing this, the crypto platform expanded its market share in South Korea and concurrently obtained registrations as a virtual-asset service provider and under the country’s Electronic Financial Transaction Act.