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Finance

Crypto Exchange Gate.io to Help Busan, South Korea, Build Blockchain Infrastructure

The firm joins Binance, Huobi and FTX in inking paperwork with the city as it develops its nascent crypto market.

By Shaurya Malwa
AccessTimeIconOct 26, 2022 at 12:57 p.m. UTC
Updated May 9, 2023 at 4:00 a.m. UTC
Busan, South Korea, is trying to become a crypto hub. (Insung Jeon)
Busan, South Korea, is trying to become a crypto hub. (Insung Jeon)

Crypto exchange Gate.io signed a memorandum of understanding (MoU) on Wednesday with the South Korean city of Busan to help develop blockchain infrastructure in the city.

  • Under the agreement, Gate.io will assist Busan in developing its budding crypto industry. Terms weren't disclosed.
  • That assistance will include promoting the city's initiative to develop local blockchain activity and helping Busan develop, operate and distribute a local stablecoin.
  • Gate.io will also help 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 started a push to become a blockchain hub.
  • Gate.io also plans to expand its South Korean operations beyond Busan to stimulate the blockchain industry's growth and enhance its services nationwide, representatives told CoinDesk in a emailed statement.
  • Busan also signed an MoU with Crypto.com. The cryptocurrency exchange said it plans to establish a workforce presence in the city.
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    • UPDATE (Oct. 27, 09:47 UTC): Adds Crypto.com in last bullet point.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Shaurya Malwa
    Shaurya Malwa

    Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

    Follow @shauryamalwa on Twitter