Crypto firm Huobi Global and its South Korean subsidiary, Huobi Korea, have penned an MoU (Memorandum of Understanding) with the government’s assistance. Huobi will help the city to develop its blockchain ecosystem.
Huobi To Help Develop Busan’s Blockchain Infrastructure
On Wednesday, Huobi Global announced that it had entered a partnership with Busan in South Korea. Huobi is the third crypto exchange firm to sign a deal with the city.
Huobi Global and its South Korean counterpart are the latest to enter such an agreement. They will join other crypto heavyweights like Binance and FTX to develop Busan’s blockchain industry.
As per the statement from Huobi, the company would offer research and development and financial and technological support for Busan’s Digital Currency Exchange. Also, the crypto firm will help the city’s local exchange identify and hire credible blockchain talent.
Heong-Joon Park, Busan’s Mayor, said the city is happy to collaborate with Huobi to develop its blockchain ecosystem. Park acknowledged that Busan is a blockchain regulation-free zone.
Hence, the city offers a favorable environment for blockchain firms to develop digital financial solutions. According to the Mayor, several blockchain firms have moved into the city lately.
Meanwhile, Huobi opened a local office in Busan in 2019. Also, the country’s regulator, the South Korean Financial Services Commission, granted the crypto exchange license to operate in 2021.
Therefore, the crypto firm has some operational experience working in the country. Hence, Huobi believes this experience will help the city of Busan in becoming a blockchain and crypto hub.
Huobi Follows The Footstep Of FTX And Binance
Furthermore, Junyong Choi, CEO of Huobi Korea, highlighted two main drivers of the collaboration. One is the firm’s existing ties with Korea’s blockchain ecosystem.
The second is the expertise of Huobi Academy and the company’s Research Institute. The CEO stated that:
“Busan has potential to foster growth and innovation. Also, the city shares the belief that blockchain technologies can transform its traditional industries.”
As part of the recent agreement, Huobi will also sponsor Busan’s Blockchain Week. The Blockchain Week will occur towards the end of October, later this year.
The recent agreement follows Busan’s previous agreement with other crypto firms to develop its blockchain system. In August, the city signed an MoU with Sam Bankman-Fried’s crypto platform, FTX.
FTX is to help the city develop its local exchange platform. Also, Changpeng Zhao, CEO of Binance, signed a similar deal with the city last month.
Huobi has a local office in Busan already. Furthermore, Binance and FTX are ready to launch a physical office in the city. This is part of their agreement with the region.