A memorandum of agreement will be signed on Wednesday between the major cryptocurrency exchange Huobi Global and the city of Busan in South Korea in order to support the establishment of the latter’s first cryptocurrency exchange and the development of its blockchain ecosystem.
According to a press release, the agreement calls for Huobi to send more than 1,500 blockchain technology experts into Busan from other countries and to support the city in constructing the cryptocurrency exchange.
Following the agreements with Binance and FTX last month, Huobi Global is the third international cryptocurrency exchange to sign with Busan.
In order to increase support for the regional blockchain initiatives and community, Huobi also aims to relocate Huobi Korea’s office from Seoul to the port city of Busan.
Both Binance and FTX disclosed that they will establish offices in Busan to support the development of the city’s blockchain ecosystem. However, it is not anticipated that the two branches will launch neighborhood crypto exchanges.
As a “blockchain regulatory-free zone,” Busan, the second-most populated city in South Korea, allows blockchain developers to present projects or ideas to the local government that could be prohibited elsewhere in Korea due to restrictions.
