Busan, South Korea plans to build a blockchain city centered around a digital asset exchange and establish a 100 billion won blockchain innovation fund

2023-09-21 14:28:16

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ChainCatcher news, according to News1, Busan City in South Korea is promoting the development of a blockchain mainnet as a medium- to long-term project through the "Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule." The plan aims to establish a blockchain mainnet at the city level, compatible with blockchain mainnets such as Ethereum and Cosmos, thereby enabling blockchain-based services using different mainnets on a single platform.

In addition, Busan City has proposed to build "Blockchain City" centered around the Busan Digital Asset Exchange and plans to establish a 100 billion won (approximately 75 million USD) blockchain innovation fund.

The Busan Digital Asset Exchange is scheduled to be established in November and will announce specific business plans during the "BWB 2023" event in November. The exchange is set to officially start operations in the first half of 2024, initially not handling virtual assets or tokenized securities, but instead supporting commodity tokenization trading, tokenizing items such as gold, silver, copper, and crude oil traded at Busan Port.

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