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.
- 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.
UPDATE (Oct. 27, 09:47 UTC): Adds Crypto.com in last bullet point.
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