Binance partners with provincial city to establish digital asset exchange

By Kim Joo-heon Posted : August 26, 2022, 13:12 Updated : November 25, 2022, 13:36

[Gettyimages Bank]

SEOUL -- Binance, the world's largest cryptocurrency exchange, joined forces with South Korea's southern port city of Busan to build a digital asset exchange and carry out various blockchain-related projects in a demonstration zone. Binance will provide technical expertise and infrastructure while Busan will focus on administrative support.
As of July 2022, a total of 395 cryptocurrencies were listed by Binance. In collaboration with South Korean entertainment powerhouses, YG and SM, the cryptocurrency exchange has pushed for virtual asset projects such as blockchain, a decentralized identity system that gives unique digital identities for people with virtual ledgers, and non-fungible token (NFT), a non-interchangeable unit of data that can turn the intellectual property of artists into digital assets.
Busan has a special demonstration zone to test blockchain-based logistics and tourism-related services. The city operates a blockchain-based integrated certification service app called "B pass," allowing users to verify their identity and carry digitally issued national certificates through smartphones.
Busan partnered with Binance on August 26 to build a digital asset exchange. By establishing Binance's South Korean secretariat in the southern port city in 2022, Busan will help Binance's business in South Korea. Various blockchain-related education programs will be carried out in universities in 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 mayor Park Heong-joon said in a statement on August 26.

"Through our industry-leading position and technological expertise, combined with Busan's strong support for the blockchain industry, we hope to help expand crypto adoption within the city and beyond," Binance CEO Changpeng Zhao was quoted as saying. The company will support Busan's blockchain festival to be held for three days from October 27.  
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