Share this article
Crypto Exchange Gate.io to Help Busan, South Korea, Build Blockchain Infrastructure
The firm joins Binance, Huobi and FTX in inking paperwork with the city as it develops its nascent crypto market.
Updated May 9, 2023, 4:00 a.m. Published Oct 26, 2022, 12:57 p.m.
Crypto exchange Gate.io signed a memorandum of understanding (MoU) on Wednesday with the South Korean city of Busan to help develop blockchain infrastructure in the city.
- Under the agreement, Gate.io will assist Busan in developing its budding crypto industry. Terms weren't disclosed.
- That assistance will include promoting the city's initiative to develop local blockchain activity and helping Busan develop, operate and distribute a local stablecoin.
- Gate.io will also help to establish and operate the upcoming Busan Digital Asset Exchange. Crypto exchanges Binance, Huobi and FTX have previously signed such MoUs.
- Busan was approved as a "regulation-free blockchain zone" by the South Korean government in 2019. As a result, the city started a push to become a blockchain hub.
- Gate.io also plans to expand its South Korean operations beyond Busan to stimulate the blockchain industry's growth and enhance its services nationwide, representatives told CoinDesk in a emailed statement.
- Busan also signed an MoU with Crypto.com. The cryptocurrency exchange said it plans to establish a workforce presence in the city.
UPDATE (Oct. 27, 09:47 UTC): Adds Crypto.com in last bullet point.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Investment Firm Blockstream to Acquire TradFi Hedge Fund Corbiere Capital
The planned deal will bring Corbiere’s equity and event-driven strategies under Blockstream’s asset management arm.
What to know:
- Blockstream plans to acquire Jersey-based hedge fund Corbiere Capital Management for an undisclosed amount.
- Corbiere founder Rodrigo Rodriguez will become CIO of Blockstream Capital Management, a new asset management unit.
- Komainu, a Blockstream portfolio company, will handle custody, connectivity and off-exchange collateral management.
Top Stories
