Busan is developing an ethreum-compatible mainnet to become a "blockchain city"
Busan is developing a public blockchain network compatible with mainstream platforms such as Ethereum and Cosmos, aiming to become a "Blockchain City." The municipal government behind this project aims to transform Busan into a blockchain city and has launched a $75 million development plan to achieve this goal.
The second largest city in South Korea, Busan, is developing a public blockchain network compatible with mainstream platforms such as Ethereum and Cosmos. The goal is to integrate blockchain-based services from various blockchain mainnets into a single platform at the city level and develop Busan into a blockchain city.
Busan City has allocated 1 trillion Korean won ($75 million) in budget under the Blockchain Innovation Fund (BIF) for the development of an open blockchain compatible with global standards. These funds will be raised through investments from public financial institutions in Busan, with nearly 100 private companies expressing interest. The BIF is a private equity fund led by Busan's financial and public institutions to support the development of the blockchain industry and infrastructure in Busan.
The development of the public blockchain is being carried out under the "Busan Digital Asset Exchange Establishment Promotion Plan" and the "Future Timeline" plan, with a focus on making Busan a blockchain city.
