The crypto-verse seems to have a special meaning for the letter “B.” Blockchain, bulls and bears, and Binance, the biggest cryptocurrency exchange in the world. The company has been dabbling in numerous markets over the past few months as it prepares to expand. The Changpeng Zhao-led crypto platform was seen helping governments grow the crypto and blockchain industries in addition to opening offices in several jurisdictions. Busan, South Korea, has recently entered the list.
CZ said that Binance and Busan signed a Memorandum of Understanding (MoU) earlier today.
Binance hopes to help the city create a blockchain ecosystem through this partnership. According to reports, the exchange would give the city help for the same in terms of technology and infrastructure. The site would also promote the Busan Digital Asset Exchange in addition to these activities.
Heong-Joon Park, the mayor of Busan, made the following remarks about the same,
“With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets. By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”
Binance to take advantage of Busan’s regulatory free zone
The company plans to support blockchain efforts and business by utilizing Busan’s regulatory-free zone. Binance would support all blockchain-related research in the area. The agenda also included spreading technological education among the general public and launching activities through the Binance Charity to promote societal well-being.
It should also be emphasized that the exchange has become a favorite for governments all over the world. The exchange teamed up with the Philippine government earlier this week to introduce rules governing the crypto-verse. The business previously said in May that it had inked an MoU with Kazakhstan’s Ministry of Digital Development.
Furthermore, investors have been warned by CZ to stay away from cryptocurrency inventors who switch between projects. Following his jab at poor players for causing cryptocurrency exchange jitters, the senior executive gained attention.
The CZ-led exchange appears to be attempting to win over the entire world by dominating the cryptocurrency market.