Crypto Exchange Gate.io is Latest to Sign MoU with South Korean's Busan
Crypto exchange Gate.io today signed a Memorandum of Understanding (MoU) with the South Korean city of Busan to develop blockchain infrastructure jointly in the city.
- The agreement intends for Gate.io to leverage its expertise to assist Busan in developing its budding crypto industry.
- Included will be support for the rollout and promotion of the city's initiative to develop local blockchain activity, assisting in the development, operation, and distribution of the city's stablecoin, and helping to establish and operate the upcoming Busan Digital Asset Exchange. Crypto exchanges Binance, Huobi and FTX have previously signed such MoUs.
- Busan was approved as a "regulation-free blockchain zone" by the South Korean government in 2019. As a result, the city launched a push to develop a local blockchain hub and a project to form a digital asset exchange.
- Gate.io also plans to grow its South Korean operations beyond Busan to stimulate the blockchain industry's growth and enhance its services country-wide, representatives told CoinDesk in a mailed statement.