The collaboration's other stated goal is to encourage blockchain research and development within the municipality.
The Busan Metropolitan City released a statement on August 30 detailing the agreement, which states that FTX will help Busan Digital Asset Exchange establish a local cryptocurrency exchange. Sam Bankman-Fried, who heads up a cryptocurrency exchange in the Bahamas, has promised to help the city of Busan, South Korea, encourage the development of the blockchain industry there.
South Korea's Busan hosts a cryptocurrency exchange.
In 2019, Busan will establish a "Blockchain Special Free Zone" within the city, where it will use FTX's technology and infrastructure to launch its own cryptocurrency exchange and promote blockchain-specific education at local universities and projects.
Amy Woo, CEO of FTX's Investment Division, recently announced that within the next year, FTX will open a branch in Busan City, South Korea, with the goal of turning Busan into Asia's digital financial hub.
Busan also collaborated with Binance, the world's largest crypto exchange, on August 26. Binance signed a memorandum of understanding to promote the city's blockchain development.
Both FTX and Binance will enter South Korea within a year.
Several initiatives have been launched after Busan was named South Korea's Blockchain city in 2019. These initiatives include a blockchain-based ID system, a driver's license platform, and bitcoin support.
Busan, South Korea's second-largest city, joins with FTX for a local exchange.