Busan Gets $100 Million For The Next 3 Years Invested By Blockchain Firms

According to the local news site Busan Ilbo, a consortium of blockchain venture capital firms planned to invest $100 million over three years to develop a blockchain ecosystem in South Korea’s second-largest city, Busan.

EOS Network Foundation, OKX Blockdream Ventures, AlphaNonce, and others inked an agreement to invest in blockchain startups in the city and recruit top talent from across the world. Busan will strive to create a favorable administrative environment to facilitate investment.

Earlier last week, Busan struck a similar arrangement with crypto exchange Gate.io and Crypto.com to establish blockchain infrastructure, including the operation and distribution of a local stablecoin.

Since the South Korean government designated Busan as an egulation-free blockchain zone in 2019, the city has been promoting itself as a blockchain hub and has formed various agreements with industry players.

It has struck partnerships with several of the world’s top cryptocurrency exchanges, including Binance, FTX, and Huobi, to assist in the development of blockchain infrastructure, with some planning to establish presences there in the near future.

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