Capital markets News

Korea’s Busan City partners with Binance for crypto, digital assets

busan city korea

Today cryptocurrency exchange Binance announced a deal with Korea’s second-largest city, Busan. The city has had plans for the Busan Digital Asset Exchange (BDAX) for some time, and Binance will help to promote it. Binance and BDAX will also share order books and Binance plans to establish a presence in the city this year. Korea is one of the countries where the world’s biggest cryptocurrency exchange is not a leader.

Currently, the leading Korean crypto exchanges are UPbit, Bithumb, Coinone and Korbit, which make up 90% of South Korean volumes.

According to reports last year, BDAX won’t only support cryptocurrencies but is also targeting NFTs and security tokens. The original target launch date was June this year.

Apart from the exchange, Binance will collaborate on educational initiatives and promote the city’s blockchain ecosystem, including its Blockchain Week event.

“With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets,” said Heong-Joon Park, Mayor of Busan.

“By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”

Busan has been active in blockchain for years. It has a blockchain free trade zone, a local digital currency, a decentralized identity platform for public services, and its port has developed a blockchain-based smart logistics system.

Elsewhere in Korea,  Newspim reported that several major securities firms are planning to launch cryptocurrency and security token exchanges. They include KB, Shinhan, Nonghyup, Samsung Securities and Mirae Asset Securities.

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