Busan, South Korea, to Launches 4th-Gen Blockchain Exchange and City Mainnet

According to News1, the city of Busan in South Korea has officially unveiled its business plan for a digital asset exchange. The exchange is expected to launch in the first half of 2024 and will initially support blockchain-based trading of commodities such as precious metals and raw materials, without initially offering virtual assets or tokenized securities (ST). There are plans to expand its offerings in the future to include global intellectual property (IP) and carbon emission quota.

Busan city claims to be establish a "fourth-generation blockchain exchange," distinguishing itself from existing virtual asset exchanges, which are considered third-generation exchanges.

At the same time, Busan city intends to establish a city-level blockchain mainnet that is compatible with blockchain mainnets like Ethereum and Cosmos. This will enable blockchain-based services using different mainnets to operate on a single platform.

Additionally, Busan city plans to create a Blockchain Innovation Fund (BBF) with contributions from financial public agencies within Busan, with a budget of over 100 billion Korean won for construction.

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