• Huobi is the third worldwide exchange to establish an agreement with the city of Busan in South Korea

  • Huobi Global, a global cryptocurrency exchange, announced on Wednesday that it will sign a memorandum of understanding with South Korea’s Busan city to assist the city in establishing its first crypto exchange and promoting its blockchain ecosystem.

    According to a press statement, the agreement calls for Huobi to provide technical and infrastructure support for the city-backed crypto exchange, as well as to attract more than 1,500 blockchain industry workers from around the world to Busan.

    Following Binance and FTX’s partnership last month, Huobi Global is the third global crypto exchange to sign with Busan.

    Huobi Korea’s office will also be relocated from Seoul to the port city of Busan in order to boost assistance for local blockchain businesses and communities.

    Binance and FTX both announced that they will open offices in Busan to help the city’s blockchain industry thrive. However, neither of the two branches is expected to set up local crypto exchanges.

    Busan, South Korea’s second-largest city, has been declared as a “blockchain regulatory-free zone,” where blockchain developers can present projects or ideas to the local administration that would otherwise be forbidden elsewhere in Korea owing to restrictions.

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