The cryptocurrency platform will help Busan in the development of blockchain technologies

South Korea’s second-largest city begins to cooperate with the Huobi exchange

15.09.2022 - 08:15


2 min

What’s new? Busan, South Korea’s second-largest city, and cryptocurrency exchange Huobi Global have signed a memorandum of understanding (MoU). According to a report on the city’s news portal, the crypto platform will help the authorities with research in the field of blockchain, as well as provide the necessary technologies for Busan’s exchange. Huobi will also assist in hiring qualified employees.

Message on Busan’s website

What did the representatives of the parties say? Busan Mayor Park Heong-joon said that with the help of Huobi, the city will become a global center for digital finance. The agreement, he said, has also given momentum to the development of the local exchange.

“The City of Busan is pleased to partner with Huobi to foster the growth of our blockchain ecosystem. 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,” Park Heong-joon added.

According to the crypto exchange’s representative, Huobi Korea will move its headquarters from Seoul to Busan this year. The company has been based in the capital since 2019 and was licensed by the Financial Services Commission of South Korea in 2021.

What is known about Huobi? It is a digital asset trading platform founded in 2013 in Beijing. Currently, it is based in Seychelles, it also has offices in Hong Kong, South Korea, Japan, and the US. The native token, Huobi Token (HT), is used to receive fee discounts, as well as additional rewards and bonuses. The asset is trading at $4,75, having gained 0,9% overnight, according to CoinGecko. Its market capitalization is $709 million.

As of September 15, 08:30 UTC, HT is trading at $4,63, having gained 0,6% per day, according to CoinGecko. A total of 638 cryptocurrencies and 1009 trading pairs are listed on Huobi. The daily trading volume on the exchange is $1,01 billion.

On September 6, the Financial Services Commission (FSC) of South Korea announced plans to open a separate digital securities market. The initiative aims to institutionalize and promote cryptocurrencies in the country. New tokens will have to undergo mandatory registration, after which they can be listed on the platform.

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