The largest cryptocurrency exchange by trading volume, Binance, the world’s leading blockchain ecosystem, announced today the signing of a Memorandum of Understanding (MoU) with the South Korean city of Busan.
Read CRYPTONEWSLAND onFollowing the agreement, Binance will provide technical and infrastructure support to the City of Busan in order to foster the growth of the city’s blockchain ecosystem and the Busan Digital Asset Exchange.
According to CZ (Changpeng Zhao), the CEO and founder of Binance, “We are pleased to be partnering with the City of Busan to deliver concrete blockchain-related developments that advance and aid the metropolis’ efforts to foster innovation.”
He added that Binance hopes to contribute to the expansion of cryptocurrency use in the city and beyond through our technological know-how, industry-leading position, and the City of Busan’s huge backing for the blockchain industry. To assist the construction of digital asset exchanges and various blockchain sectors, we look forward to working closely with the city.
Binance in Busan would have an edge in encouraging fairness and transparency in operations, which are lacking on current cryptocurrency exchanges because of speculative activities. Choi Hwa-in, an advisor to the Financial Supervisory Service’s blockchain development forum, stated that effective operation would be a challenge for exchanges run by a government, whether regional or central.
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