MAJURO, Republic of the Marshall Islands – Gate.io, one of the world’s largest and oldest cryptocurrency exchanges, announced the signing of the Memorandum of Understanding (MoU) with the South Korean city of Busan.

The agreement entails the cooperation between Gate.io and the Busan Metropolitan City government to develop blockchain infrastructure jointly in Busan.

Following the agreement, Gate.io will leverage its industry expertise to assist Busan in a variety of ways:

  • Support the rollout and promotion of the city’s initiative to develop the blockchain industry locally.
  • Assisting in the development, operation, and distribution of the city’s stablecoin.
  • Helping to establish and operate the Busan Digital Asset Exchange and ISMS-certified technical platforms, including order-matching and order-routing engines, digital wallets, and other relevant solutions.
  • Establishing a blockchain and digital asset-related education centre in the city to bolster the local skilled talent pool.

Busan was approved as a “regulation-free blockchain zone” by the Government of South Korea in 2019. As a result, the city launched an initiative to develop a local blockchain hub and a project to form a digital asset exchange. Gate.io will assist in all areas of the initiative and project.

Dr. Lin Han, CEO and Founder of Gate.io, said, “We are pleased to be collaborating with the City of Busan on a collective journey to forge a true blockchain city that will fuel the local blockchain industry. The city’s robust approach to blockchain technology, combined with our industry expertise, will help solidify the city as a blockchain leader. We are committed to building a thriving digital asset ecosystem that will set an example and further crypto adoption in South Korea and abroad.”

Heong-Joon Park, Mayor of Busan, said, “We are excited to have Gate.io working hand in hand with us to establish the Busan Digital Asset Exchange as a leading digital assets platform set for the global stage. We will establish Busan as a global blockchain and digital finance leader by putting Busan at the forefront of the global blockchain industry.”

Gate.io also plans to grow its South Korean operations beyond Busan to stimulate the blockchain industry’s growth and enhance its services country-wide.

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