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EOS Corporation Signs Memorandum of Understanding with Busan to Promote Blockchain Investments

EOS Corporation Signs Memorandum of Understanding with Busan to Promote Blockchain Investments

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Answer EOS Corporation Signs Memorandum of Understanding with Busan to Promote Blockchain Investments

After its recent partnership with crypto exchanges such as Binance, FTX, and Huobi to help develop its blockchain infrastructure, Busan, a city in South Korea, has signed a Memorandum of Understanding (MoU) with EOS.

This signing took place in conjunction with a handful of other blockchain companies including OKX Blockdream Ventures, AlphaNonce, CoinNess, Foresight Ventures and Ragnar Capital Management.

Tony Cheng, general partner of Foresight Ventures, told Foresight Ventures:

We hope to invest in interesting projects and bring them to Busan.

We are very optimistic about the local ecosystem and hope to play a role in its future growth.

The signed Memorandum of Understanding aims to create the Busan Venture Capital Consortium, which jointly holds approximately $700 million in assets under its management.

Read:Korean cryptocurrency exchange disappears with more than 13,000 ETH for shareholders

According to the report, the consortium is the first-ever venture capital group operating under a blockchain-linked agreement with the city of Busan.

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

Yves La Rose, founder and supervisor of the investment fund VCABB, told:

South Korea is home to a number of global venture capital firms and Web 3.0 startups.

We believe that the creation of the Venture Capital Alliance Busan Blockchain (VCABB) will help accelerate blockchain adoption globally.

He added:

This MoU is a huge step forward in our mission to promote the use of the EOS blockchain.

The Busan metropolitan government will provide basic resources that can help attract more foreign capital to the Busan area.

VCABB will also support the city’s plans to establish an education center and acceleration program for blockchain companies.

Notably, Busan was a supporter of the South Korean government-approved regulated blockchain-free zone in 2019, which is favorable for Web 3.0 initiatives and the lure of blockchain-related businesses in the city.

Read:Why did the bitcoin price drop today? Will he maintain the level of 19 thousand dollars?

The city owns more than 465 blockchain companies, making it home to Web 3.0.

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

The South Korean government has stated that with the expansion of the digital economy, the ID embedded in a smartphone is an indispensable emerging technology to support future data development.

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