Gate.io crypto exchange signed a memorandum of understanding (MOU) with South Korea’s Busan City on Wednesday, Oct. 26, to help it with the development of blockchain infrastructure in the territory. With the MOU, it has joined other crypto companies - FTX, Binance, and Huobi in having an agreement with the city.

Busan City is aiming to build up its developing crypto market and now depends on the three leading crypto firms to do the main work for blockchain so it can achieve its goal. CoinDesk reported that based on the terms stated in the contract, Gate.io’s scope of work includes providing assistance to Busan in developing its flourishing crypto business.

Moreover, Gate.io will be promoting Busan’s push to establish blockchain activity in the locality as well as help Busan with the operation and distribution of a local stablecoin. The company will also lend its hand in building and managing the upcoming Busan Digital Asset Exchange.

In an email to CoinDesk, Gate.io shared that it also has plans to spread out its operations in South Korea outside of Busan. It believes that by going beyond the city, it can prompt the blockchain industry's growth while also improving its services around the country.

"We are pleased to be collaborating with the City of Busan on a collective journey to forge a true blockchain city that will fuel the local blockchain industry,” Gate.io’s founder and chief executive officer, Dr. Lin Han, said in a press release. “The city's robust approach to blockchain technology, combined with our industry expertise, will help solidify the city as a blockchain leader.”

He added that Gate.io is “committed to building a thriving digital asset ecosystem that will set an example and further crypto adoption in South Korea and abroad."

The mayor of Busan, Park Heong Joon, also commented with regard to the MOU for blockchain development, "We are excited to have Gate.io working hand in hand with us to establish the Busan Digital Asset Exchange as a leading digital assets platform set for the global stage.”

Finally, Mayor Park said that they would work for Busan to become a global leader in blockchain and digital finance. The local government’s major aim is to put Busan at the forefront of the blockchain industry worldwide.

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