Busan signs MoU with Huobi, gets more help for local crypto exchange

South Korea’s ‘blockchain’ city of Busan continues to establish agreements with cryptocurrency industry heavyweights as Huobi Global enters the development ecosystem.

Huobi Global and its Korean branch became the latest exchange to sign a memorandum of understanding with the Busan Metropolitan City government to participate in the growth of its blockchain industry.

According to an official announcement from Huobi, the partnership will see the company provide research and development, technology and financial support for the Busan Digital Currency Exchange. Huobi is also set to assist in identifying and hiring blockchain talent for Busan’s local exchange.

Huobi has been operating a local office since 2019 and received a mandatory regulatory license from the South Korean Financial Services Commission in 2021. The company cites its operational experience within the country as an important factor in assisting Busan’s goal of becoming a global cryptocurrency and blockchain hub.

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A statement from Huobi Korea CEO Junyong Choi highlighted the company’s existing business ties with Korean blockchain ecosystem participants and the expertise of the Huobi Research Institute and Huobi Academy as key drivers of the partnership:

“We believe that Busan has strong attributes for fostering innovation and growth, and share their belief that blockchain technologies can transform and benefit traditional industries.”

Huobi has also committed to sponsoring the Busan Blockchain Week at the end of October 2022 as part of the agreement.

Busan also signed an agreement with Sam Bankman-Fried’s cryptocurrency trading platform FTX in August 2022 to assist in the development of Busan’s local exchange. Binance also penned a similar deal with the city in the same month, with CEO Changpeng ‘CZ’ Zhao in attendance during the announcement.

Both FTX and Binance are set to establish a local presence in the city as part of the deal, while Huobi Korea’s local office already has a foothold in Busan.