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City of Busan Signs MoU with OKX’s Investment Arm to Spur Blockchain Growth

The City of Busan in South Korea has signed a Memorandum of Understanding (MoU) with OKX Blockdream Ventures, the investment arm of crypto exchange OKX, to enhance its blockchain sector. 

Per the announcement:

“As part of the agreement, the City of Busan will encourage investors to increase their investments in the Busan blockchain sector. In addition, the City of Busan will supply the necessary resources to attract large amounts of foreign capital for blockchain sector development.”

Therefore, OKX Blockdream Ventures will propel Busan City’s blockchain industry by recruiting top local talent and attracting global ones. Furthermore, it will provide marketing and media solutions.

Based on OKX Blockdream Ventures’ objective of propelling cutting-edge blockchain innovations, it seeks to boost Busan’s local capabilities in this sector.

Dora Yue, the founder of OKX Blockdream Ventures, pointed out:

“Through our industry-leading position, we hope to invest in promising and innovative blockchain projects in South Korea and actively promote the developments of the local blockchain industry.”

Through the strategic partnership, Busan will also attain long-term structural value. Heong-Joon Park, Busan’s mayor, added:

“We welcome VCs onboard in Busan and are expecting much from our future collaboration. We appreciate you actively participating in building Busan’s blockchain ecosystem. Together, we will help to make Busan a blockchain-specialized city.”

Busan has been making collaborations with different crypto exchanges aimed at boosting the digital asset space in the city. 

For instance, it signed a business deal with  FTX to support the establishment of its own exchange called Busan Digital Asset Exchange in August, Blockchain.News reported

As a result, the City of Busan would become a cryptocurrency center that would attract global attention based on a booming digital asset ecosystem. Furthermore, blockchain-specific education would be promoted. 

Image source: Shutterstock

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