Global cryptocurrency exchange Binance has signed an agreement with the city of Busan, South Korea to help develop the city's blockchain infrastructure and support its efforts to boost crypto adoption and business development.

“We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts," Binance CEO Changpeng Zhao said in a statement. "Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond."

Binance is also helping the city establish digital asset exchanges within the city through its "regulatory-free zone." 

“With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets," Park Heong-joon, Busan's mayor, said in a statement. “By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub."

Binance plans to set up an office in Busan later this year, South Korean newspaper Chosun Ilbo reported. 

Busan, a port city home to about 3.4 million people, is a popular beach tourism destination located in the southeast region of the country. Busan is home to a smart city test bed called the Eco Delta Smart City. 

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