The city of Busan in South Korea has continued to revamp its blockchain industry after an agreement with Huobi Global. According to the statement, the crypto exchange is expected to enter the ecosystem and help develop the crypto industry in the city. The agreement makes Huobi the biggest firm that has signed an agreement memorandum with the city in the last few months. It will also spell well for the city’s blockchain industry, seeing that it would benefit from the many products that Huobi has to offer.
Huobi will help develop blockchain in the city
In the statement that was culled off a blog post by the exchange, the new agreement will see the crypto firm provide essential research and development services to the city. Aside from that, it is also expected to pool technology and financial assistance to aid the development of the digital currency exchange currently being worked on in Busan.
Huobi will also use its recruitment prowess to enable the hiring of spectacular talents that would hold high-ranking positions in the digital exchange that the city will float. Traders and market participants have given the update a thumbs up, noting the importance of the merger between the parties.
Other firms are also involved in the project
According to the CEO of the crypto exchange Junyong Choi, there is a long-standing relationship and ties with the Korean blockchain. This was one of the few things that made the update fast and possible. He also mentioned that the technical know-how of the staff back at Huobi was also another integral factor that accelerated the partnership. He noted that Busan is rich in terms of owning facilities and infrastructure that could help spur the growth of crypto.
The CEO also noted that blockchain would be a tool for transforming other industries in the city. One of the critical features of the agreement is that the exchange will oversee everything related to the blockchain week, which will hold in Busan next month. Aside from Huobi, Binance have also penned down a deal to help foster blockchain development in the city. Binance will set up a branch in the company as described in the details of the announcement, with FTX following suit. Huobi, on the other hand, will not need to as it already boasts a massive presence across that area.
