Busan, South Korea’s second-largest city and aspiring blockchain hub, has signed commercial partnerships with Gate.io and Crypto.com to expand its blockchain ecosystem, according to a statement released on Wednesday.
As part of the deal, Crypto.com and Gate.io will open regional offices in Busan and support the development of the city’s first cryptocurrency exchange with technology and infrastructure.
While Gate.io intends to yearly train 1,000 local blockchain professionals, Crypto.com promises to help the development of local blockchain firms.
Following Binance, FTX, and Huobi Global, Crypto.com and Gate.io are the fourth and fifth international bitcoin exchanges to join with Busan.
2019 saw the designation of Busan as a “special blockchain regulation-free zone,” allowing blockchain developers to present projects or ideas to the local government that could be constrained elsewhere in Korea due to laws.
Busan wants to position itself as Asia’s digital hub by receiving the title.
Representatives from Crypto.com and Gate.io will attend the Blockchain Week in Busan (BWB) event, which will feature over 300 exhibitors from blockchain technology companies and keynote addresses by prominent figures in the worldwide cryptocurrency industry. The event runs from October 27 through October 29.