Following its recent partnership with crypto exchanges like Binance, FTXand Huobi to help develop its blockchain infrastructure, Busan, a city in South Korea, has signed a Memorandum of Understanding (MoU) with a non-profit organization, EOS Network Foundation.

This signing was done in conjunction with a partnership with a group of blockchain venture firms, OKX Blockdream Ventures, AlphaNonce, CoinNess, Foresight Ventures, and Ragnar Capital Management.

“We look forward to investing and bringing exciting projects to the city of Busan,” said Tony Cheng, general partner at Foresight Ventures. He added: “We are extremely optimistic about the local ecosystem and hope to play a role in its future growth.”

The signed memorandum of understanding aims to establish the Venture Capital Alliance of Busan Blockchain (VCABB), which cooperatively holds assets of approximately $700 million under its management.

According to the reportThe alliance is the first venture capital group to operate under a blockchain-related agreement with the Busan Metropolitan City.

By investing $100 million in blockchain-related companies through 2025, VCABB will be dedicated to the growth and adoption of blockchain technology and its ecosystem in the city of Busan.

“South Korea is home to a number of world-class venture capital firms and Web3 startups, and we believe the creation of the Venture Capital Alliance Busan Blockchain (VCABB) will help accelerate blockchain adoption globally,” he said. Yves LaRose, founder. and CEO of the EOS Network Foundation.

Yves added: “This MoU is a big step forward in our mission to promote the use of EOS blockchain technology.” According to Yves, the EOS Foundation is committed to working with the city of Busan and its partners to invest in a meaningful blockchain. related developments that will be advantageous to the city and its stakeholders.

Additionally, the signed MoU will provide VCABB with cost-effective administrative pressure to support blockchain investments.

In addition, the Busan Metropolitan City government will provide essential resources that could help attract more foreign capital to the Busan area. The VCABB will also support the city’s plans to create an educational hub and accelerator program for blockchain businesses.

In particular, Busan has been a promoter of its “regulation-free blockchain zone” approved by the South Korean government in 2019, which is favorable for Web3 initiatives and the attractiveness of blockchain-related businesses for the city. The city has more than 465 established blockchain-related companies, making it home to a thriving Web3 ecosystem.

Meanwhile, last Monday, South Korea unveiled its plans to provide digital identities encrypted by blockchain with smartphones to citizens in 2024 to facilitate their economic development.

As reported by Blockchain.News, the South Korean government stated that with the expansion of the digital economy, smartphone-embedded identification is an indispensable emerging technology to support data development.

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