Bithumb will invest $8.6 million in a free blockchain zone

by in Blockchain News

Busan invest Bithumb

South Korea's leading crypto exchange Bithumb intends to invest 10 billion won (about $8.6 million) in the “regulatory-free zone” of Busan to develop the blockchain technology. This was reported by The Block, citing a statement by the local ministry of small and medium-sized businesses and startups.

The leading exchange and the Financial Services Commission of South Korea will discuss the details of the deal later this month, but it is already known that the exchange will invest through the subsidiary GCX Alliance.

The company will also allegedly provide its financial blockchain services in the free zone.

Related: Non-regulated zone for blockchain development in South Korea

Recall that the South Korean authorities announced Busan, the country's second-largest city, as a “free regulation zone” for developing blockchain technologies last summer. Following the example of the Swiss Zug, Busan will open for a number of initiatives in the field of finance, public security, and tourism, thanks to which the region is expected to attract $25 million of investments by 2021.

In December, Busan announced the release of the city’s currency, which will be handled by KT, the largest South Korean telecommunications company.

Earlier it also became known that Bithumb will open a research and development center by the end of this month.