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- Crypto.com and Gate.io, to grow the city’s blockchain ecosystem
- They mark the fourth and fifth global cryptocurrency exchanges to sign with Busan
- Gate.io will establish regional offices in Busan
An announcement was made on Wednesday that Busan, the second-largest city in South Korea and it’s pretend blockchain capital, will sign business agreements with Crypto.com and Gate.io, two global cryptocurrency exchanges, to expand the city’s blockchain ecosystem.
Crypto.com and Gate.io will set up regional offices in Busan and help the city build its first city-backed cryptocurrency exchange by providing technology and infrastructure support.
Gate.io intends to annually train a thousand local blockchain professionals, and Crypto.com promises to support the expansion of local blockchain startups.
Gate.io representatives will participate in Blockchain Week in Busan
After Binance, FTX, and Huobi Global, Crypto.com and Gate.io are the fourth and fifth global cryptocurrency exchanges to join Busan.
In 2019, Busan was made a “special blockchain regulation-free zone.” This designation makes it possible for blockchain developers to present the city government with projects or ideas that might be restricted elsewhere in Korea due to regulations.
Busan aspires to become Asia’s digital capital with this designation. Representatives from Crypto.com and Gate.io will attend the Blockchain Week in Busan (BWB) event, which includes over 300 blockchain technology company booths and keynote speeches from global crypto leaders. The event runs from October 27 to October 29.
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More about Gate.io
Gate.io is one of the oldest bitcoin exchanges in China. It was established in 2013 by Lin Han. The exchange was hacked in 2015 for 7,000 BTC. Its cold wallets were robbed of the coins.
The exchange used to be called Bter.com up until 2017. However, in 2017, the Chinese government imposed a ban on trading fiat to cryptocurrency, forcing it to change its name to Gate.io.It shifted its focus to OTC crypto-to-crypto and Chinese yuan trades, dropped fiat cryptocurrency trading pairs, and closed the previous domain.
Gate.io remains an unregulated cryptocurrency exchange today in terms of market liquidity and volume, with an approximately daily volume of 3500 BTC.
In recent news, its parent company, Gate Technology Inc., launched a successful IEO platform called Gate.io Startup and raised $64 million in crypto for the Gatechain decentralized exchange (DEX) project.
Gate.io, like the majority of crypto-to-crypto exchanges, has fees that are somewhat competitive.
The platform charges no fees for deposits, 0.2% for spot and margin trading, and a small withdrawal fee that varies depending on the cryptocurrency being withdrawn.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
