After its partnership with crypto exchanges such a Binance, FTXHuobi and, to assist in the development of its blockchain infrastructure. Busan, South Korea’s largest city, has signed a Memorandum of Understanding with EOS Network Foundation.
This was done in conjunction with a partnership agreement with several blockchain venture firms: OKX Blockdream Ventures and AlphaNonce, CoinNess and Foresight Ventures.
“We hope to invest in and bring over interesting projects to the city of Busan,” said Tony Cheng, Foresight Ventures General Partner. He added, “We are extremely bullish on the local ecosystem and hope to play a part in its future growth.”
The MoU was signed to create the Venture Capital Alliance of Busan Blockchain. This cooperative holds approximately $700m assets.
The reportThe alliance is the first venture capital group to operate under a blockchain-related agreement.
VCABB will invest $100 million in blockchain-related companies until 2025 to support the adoption and growth of blockchain technology and its ecosystem within Busan.
“South Korea is home to a number of world-class VC firms and Web3 startups, and we believe that the creation of the Venture Capital Alliance Busan Blockchain (VCABB) will help accelerate the adoption of blockchain globally,” said Yves La Rose, Founder, and CEO of the EOS Network Foundation.
Yves added, saying, “This MoU is a major step forward in our mission to promote the use of EOS blockchain technology.” According to Yves EOS Foundation has committed to work with Busan’s partners in order to invest in meaningful blockchain-related development that will benefit both the city as well as its stakeholders.
The signed MoU will also provide VCABB lucrative administrative pressure to support Blockchain investments.
Additionally, the Busan Metropolitan City Government will provide crucial resources that can help bring more foreign capital to the Busan metropolitan area. VCABB will support the city’s plans for a blockchain education center and accelerator program.
Notably, Busan has been a booster of its approved “regulatory-free blockchain zone” by the South Korean government in 2019, which is favorable for Web3 initiatives and the alluring of blockchain-related businesses to the city. It is home to a vibrant Web3 ecosystem, with more than 465 established blockchain-related companies.
South Korea announced its plans to release their plans last Monday. Blockchain encryption allows you to create digital identities With smartphones to citizens by 2024 to support its economic development.
According to Blockchain.News, South Korea’s government said that the ID embedded in smartphones is an essential emerging technology that will support data development.