This South Korean City Is On Its Way To Become a Blockchain Mega city After a $75 Million Investment

• Busan wants to make a $75 million investment in blockchain development. 
• They want to create an asset exchange before the end of 2024. 

There’s a coastal city in South Korea named Busan. So, this South Korean City wants to make revolutionary moves in the country by launching its own public blockchain. 

South Korean City, Busan, Makes $75 Million Investment 

• Busan is a South Korean City that is making a huge commitment to transform itself into a major crypto hub. So, they want to do this by making strategic crypto investments in their city. Their latest plan is the creation of a new public blockchain, which will help solidify its work within the blockchain sector. So, the design of this new public blockchain is to sync seamlessly with popular blockchain platforms, namely Ethereum and Cosmos. 
• The objective of the work going on in Busan is to integrate a group of blockchain services into one cohesive city-level platform. So, this city isn’t only talking the talk. They also make the necessary investments as early as possible. Hence, they splashed a whopping budget of 100 billion Korean won (equivalent to $75 million) into open blockchain development. The development of this new project will go through the Blockchain Innovation Fund (BIF). 

Financial Bodies Interested In this New Project from South Korean City 

• According to several reports, many public and private financial bodies in the South Korean City are ready to help with investments. So, there’s an indication of interest from as many as 100 private sector entities to contribute towards this new blockchain project. The Blockchain Innovation Fund (BIF) will handle the development of this new project. So, their role will be around fortifying Busan’s blockchain landscape, spearheaded by the city’s financial and public organizations. 
• This South Korean City already has a roadmap on how they want to accomplish this project. However, it is under the Busan Digital Asset Exchange Establishment Promotion Plan and the accompanying Future Schedule. It has one mission, which is to create a central blockchain ecosystem for the coastal city. 

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Busan has allocated a 100-billion-korean-won ($75 million) budget for open blockchain development compatible with mainstream blockchain platforms, such as ethereum and cosmos. The funds will be raised through investments from public financi

— Brelynn Shriver (@BrelynnShriver) September 24, 2023

Busan to Launch Asset Exchange in 2024 

• This South Korean City has many big plans regarding its stand around the blockchain and the crypto industry. So, once they are done with creating this public blockchain ecosystem, their next plans lie in an asset exchange. 
• Moreover, this asset exchange is not only about the crypto industry. So, Busan wants to extend the application of the blockchain. It wants to do this by adding a large number of tokenized assets into the exchange. So, things like copper, oil, and even hold will be in this new exchange. They plan to launch this by the middle of 2024. 

Conclusion 

Busan wants to take the application of the crypto industry to a new level. So, they are building their own public blockchain where a lot of things will take place. This city also plans on launching an exchange where citizens will sell a lot of assets. 

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