Bithumb crypto-exchange will invest more than $8 million for blockchain development in the regulation-free zone of Busan city.

This news is released on Thursday by the Ministry of SMEs and Startups of South Korea. According to the announcement, the largest crypto exchange of South Korea Bithumb is set to invest over $8 million ($8.6 million) worth 10 billion worth in the Busan city’s regulation-free zone for blockchain development. The announcement further says that the crypto exchange Bithumb will invest through its subsidiary GCX Alliance.

Busan City: a regulation-free zone for blockchain development

The city of Busan is known as the second-most populous city of South Korea. In the month of August 2019, the ministry of South Korea regarded this city as a “regulation-free” zone for the sake of blockchain development.

The ministry further says that several blockchain offerings related to finance, tourism, and public safety will be hosted in this city of South Korea. This is why Bithumb crypto exchange has planned to invest in this zone of Busan City.

According to a report from News1 Korea, the more details about this investment will further be elaborated by the Financial Services Commission of South Korea and Bithumb exchange at the end of January.

The report also claims that the crypto exchange Bithumb has also planned to launch a wide range of blockchain-based financial services in Busan.

In short, Bithumb exchange has made plans for blockchain development and for this purpose it has decided to invest with the amount of $8 million in the regulation-free zone of Busan City.