Crypto exchange Huobi Global and its local counterpart Huobi Korea have signed a Memorandum of Understanding with the Busan Metropolitan City government to develop its local blockchain infrastructure, the company said on Wednesday.
“The City of Busan is pleased to partner with Huobi to foster the growth of our blockchain ecosystem,” Heong-Joon Park, mayor of Busan, said in a prepared statement. “As a blockchain regulation-free zone, Busan offers a conducive environment to develop the latest digital financial technologies, which has attracted many blockchain companies from across the world.”
Under the agreement, Huobi Global and Huobi Korea will work closely with the city to develop its nascent blockchain industry, partnering in research and development, technology and financial support for the Busan Digital Currency Exchange, as well as the recruitment of blockchain-focused talent for the Busan local exchange.
Huobi has been operating in South Korea through a local office since 2019, where it is regulated under a license issued by the Korean Financial Services Commission last year. It is among the largest crypto exchanges with daily trading volumes of over $800 million.
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