Crypto.com signs an agreement with Busan

The well-known exchange Crypto.com, which has recorded by far the highest growth rates of any exchange in the world over the past two years, has entered into a major partnership deal with the South Korean port city of Busan.

Crypto.com and the deal with Busan

The signed agreement is called a Memorandum of Understanding, MOU. As part of this strategic partnership, Crypto.com will leverage its partnerships, resources and expertise to promote innovation, technologies, education and research with the goal of advancing Busan City’s blockchain ecosystem and Digital Assets Exchange project. In addition, Crypto.com will establish a workforce presence in Busan. Crypto.com will also sponsor and participate in Busan Blockchain Week which will be held from October 27 to 29.

Eric AnzianiCOO of Crypto.com, said:

“The city of Busan is making great strides in becoming a global hub of innovation, and we are excited to partner and support these efforts. There is a real opportunity to make a huge impact in advancing the potential of blockchain technology in Busan and beyond, and we are eager to collaborate and leverage our relationships and expertise to realize this potential.”

Patrick YoonGeneral Manager, South Korea for Crypto.com said:

“This strategic partnership with the city of Busan is an important next step for Crypto.com following the acquisition of EFTA and VASP registration in Korea,” said Patrick Yoon, General Manager, South Korea at Crypto.com. “We look forward to working with the city of Busan on the development of a sustainable blockchain ecosystem and driving the next phase of economic development and job creation.”

Busan: a more crypto-friendly city thanks to Crypto.com

The port city of Busan in South Korea has long been considered a kind of hub for blockchain and technological innovation. In recent years, it has also become one of the most crypto-friendly cities in the world.

In September, the city had also signed a memorandum of understanding with another exchange: Huobi. Huobi Global announced through its Korean subsidiary Huobi Korea that with this partnership, it will work closely with the city to develop its nascent blockchain industry by providing research and development, technology and financial support to the Busan Digital Currency Exchange.

The city had previously actively collaborated with other well-known exchanges such as FTX and especially Binance, the world’s largest exchange, specifically to develop its blockchain and crypto infrastructure.

The most crypto-friendly cities in the world

There are several cities developing their own strategy in recent years to become a hub for the entire cryptocurrency and digital asset industry.

One of them is Dubai, which recently adopted new rules for cryptocurrencies and digital assets. The city has become home to around 1,000 companies in the industry, generating a turnover of around $500 million for the emirate’s economy.

Competing in this regard with the emirate’s city as well as the small Swiss city of Zug in the canton of the same name, the city-state of Singapore is increasingly making inroads. Already in the last year, the Monetary Authority, MAS, has issued regulations that are very favorable to cryptocurrencies and the crypto industry.

But Miami and New York also have two mayors who have always been pro-cryptocurrency and both want to make their cities hubs of the crypto world. And then there is Busan itself, which has been given very favorable legislation towards the industry by the South Korean government precisely to favor the city as an international hub for the blockchain and cryptocurrency world

The Crypto.com Exchange

Crypto.com was founded in 2016 and serves more than 50 million customers and is the fastest growing global cryptocurrency platform in the world. It started a heavy advertising campaign two years ago, especially in sports, especially to boost its image among younger audiences. Børsen sponsors the Formula 1 car Grand Prix and MotoGP Grand Prix, as well as the Serie A football championship. A few weeks ago, the top management announced that Crypto.com will be the main sponsor of the upcoming World Cup in Qatar.

It also looked like it was going to replace Gazprom as the main sponsor of the Champions League, but then 495 million dollars deal for five seasons reportedly fell through in the last hours.

Speaking of Gazprom and Russians, news broke in the last few hours that the exchange would have instructed all of its Russian users to withdraw their money by October 27, and that it would ban all Russian citizens from using their services, in full support of the sanctions. imposed by the US and the EU.

This decision also comes on the heels of another big announcement from the company, which a few months ago also obtained permission to operate in our countryfor having opened its European headquarters in Paris, with the clear intention of further developing and targeting the market on the old continent.

Eric AnzianiCOO of the company, explains:

“We are incredibly excited to strengthen our commitment to France and Europe through the establishment of our regional headquarters in Paris. Our regulatory approval was the first major step in our journey in France and we look forward to continuing to engage with stakeholders at across all sectors to help facilitate the new digital economy in France and provide customers with a best-in-class crypto experience.”

In order to achieve this European market development, the company has agreed to invest 150 million dollars during the next three years.