Crypto Exchange Gate.io to Help Busan, South Korea, Build Blockchain Infrastructure

The firm joins Binance, Huobi and FTX in inking paperwork with the city as it develops its nascent crypto market.

By Shaurya Malwa

Oct 26, 2022 at 12:57 p.m. UTC

Updated Oct 27, 2022 at 9:47 a.m. UTC

Night View Of Busan City — Busan, South Korea, is trying to become a crypto hub. (Insung Jeon)

Shaurya Malwa

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Follow @shauryamalwa on Twitter

Crypto exchange Gate.io signed a memorandum of understanding (MoU) on Wednesday with the South Korean city of Busan to help develop blockchain infrastructure in the city.

Under the agreement, Gate.io will assist Busan in developing its budding crypto industry. Terms weren't disclosed.
That assistance will include promoting the city's initiative to develop local blockchain activity and helping Busan develop, operate and distribute a local stablecoin.
Gate.io will also help to establish and operate the upcoming Busan Digital Asset Exchange. Crypto exchanges Binance, Huobi and FTX have previously signed such MoUs.
Busan was approved as a "regulation-free blockchain zone" by the South Korean government in 2019. As a result, the city started a push to become a blockchain hub.
Gate.io also plans to expand its South Korean operations beyond Busan to stimulate the blockchain industry's growth and enhance its services nationwide, representatives told CoinDesk in a emailed statement.
Busan also signed an MoU with Crypto.com. The cryptocurrency exchange said it plans to establish a workforce presence in the city.

UPDATE (Oct. 27, 09:47 UTC): Adds Crypto.com in last bullet point.

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