In order to invest millions of dollars in a blockchain startup in Busan over the next three years, the Busan authorities have made an agreement with a unit of crypto-assets capital corporation. Venture partnership has raised $100 million.
The EOS Network Foundation has signed a legally binding agreement with Busan, South Korea’s second-largest city, to create Busan Blockchain in association with several crypto management companies.
In order to encourage the development and uptake of blockchain technology in Busan, the bond, which together owns and handles seven hundred million dollars in assets, will invest a hundred million dollars in thriving web-3 companies. It is anticipated that the initial investment will last until 2025.
The way it is organized
In order to facilitate the expansion and development of the EOS network, this nonprofit corporation organizes monetary and other ways of aid. Following a partnership with well-known blockchain solution Block, $5 million was raised straight from the users. The partnership will put EOS and its technology in the “forefront,” according to the company managers.
They believe the founding of the new cooperation alliance will hasten the acceptance of a distributed crypto market system throughout the world because Korea is home to numerous top-tier venture capital firms and web3 startups. They intend to collaborate with many partners to make investments in particular crypto-based projects that are going to help Korea and its citizens.
The main goals
In a quest to advance the adoption of EOS blockchain technology, this MOU represents a significant advancement. The adoption of blockchain investments in the city will increase as a result of this agreement, which will benefit VCABB from a cooperative and encouraging environment. The cooperation will also assist the governmental plans for the education facility and its gas price lowering initiative for crypto startups.
The company wants to contribute to its continued development. The hub of cryptocurrency and web3 in South Korea is Busan, which built a blockchain-based virtual power plant in 2018 and was designated an “unregulated blockchain zone” by the South Korean government in 2019.
The main aim of the new alliance is to support the city and the nation’s blockchain infrastructure in an effort to become a hub for blockchain technology by working with many of the leading players in the sector.