Binance on Friday announced the signing of a Memorandum of Understanding (MoU) with the City of Busan in South Korea. As part of the agreement, the City of Busan will receive technological and infrastructure support from Binance for the development of the city's blockchain ecosystem and promotion of the Busan Digital Asset Exchange. The cooperation between the two parties would also include order book sharing.

"We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city's innovation efforts. Through our industry-leading position and technological expertise, combined with the City of Busan's strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries," said Changpeng Zhao, CEO and founder of Binance.

"With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets. By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub," said Heong-Joon Park, mayor of Busan.

Binance plans to develop and foster Busan City's blockchain sector in utilizing Busan's blockchain regulatory-free zone to promote blockchain initiatives and businesses, supporting blockchain-related research and investments in the city, providing specialized blockchain education and online resources from Binance Academy, advancing initiatives that promote societal well-being through Binance charity and helping with the organization of Blockchain Week in Busan in 2022. Binance added that it will be establishing a presence in Busan by the end of the year, which is expected to serve as a driving force for the city to become one of East Asia's most vibrant digital hubs.