Trading protocol Binance published on Friday its recent Memorandum of Understanding (MOU) agreement with the second largest port city Busan.
According to the trading platform, this contract authorizes Busan to “receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange.”
The company’s chief executive officer Changpeng Zhao highlighted the excitement they feel to be collaborating with Busan to introduce substantial blockchain-based technical reforms that would greatly impact the city’s creative endeavors.
Through our industry-leading position and technological expertise, combined with the city of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries,” Zhao buttressed.
Busan’s council leader Heong-Joon Park in a statement explained that the alliance between the trading protocol and the city indicates a step forward in actualizing the Busan virtual property exchange as an international protocol to trade virtual currencies or properties.
He further expressed, “by making Busan a blockchain specialized city that is attacking worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”