Crypto exchange Huobi Global and its South Korean arm Huobi Korea have signed a Memorandum of Understanding (MoU) with the Busan Metropolitan City government to develop its local blockchain infrastructure.
Under the agreement, Huobi Global and Huobi Korea will work closely with the city to develop its nascent blockchain industry.
The duo would also be 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.
Busan had tapped crypto exchanges FTX and Binance to work on its blockchain efforts in broader plans to become a global blockchain and financial hub.
In August, Mayor Hyung-jun said he “will not stop” in efforts to make Busan a blockchain hub.