<p>The South Korean port city of Busan yesterday convened <a href="https://www.busan.go.kr/nbtnewsBU/1618853?curPage&#61;&amp;srchBeginDt&#61;2024-03-07&amp;srchEndDt&#61;2024-03-14&amp;srchKey&#61;&amp;srchText&#61;" rel="noopener noreferrer nofollow">a meeting</a> to reaffirm the city’s commitment to establishing a blockchain-specialized cluster in the region.</p><p>The meeting took place at the Busan Technology Innovation Center located in Busan International Financial Center (BIFC), attended by Busan Vice Mayor for Economic Affairs Kim Kwang-hee, the Korea Internet &amp; Security Agency Director Lee Sang-joong, <a href="https://coinnesslive.page.link/4ySmQDR4xhKPfoaN7" rel="noopener noreferrer nofollow">Busan Technopark</a> Chairman Kim Hyung-gyun and representatives of companies stationed at the BIFC.</p><h3 id="15-million-investment-by-2026">$15 million investment by 2026</h3><p>In a bid to foster blockchain technology companies in the region, the local government has outlined plans to invest a total of KRW 20 billion, or over $15 million, in the blockchain cluster project for the next three years until 2026. The Busan government and the central government are each responsible for providing half of the project’s investment fund. Starting off, KRW 6.2 billion will be allocated this year.</p><p>Among the project’s main objectives are identifying local startups with high potential for blockchain technology integration, facilitating their connections with VCs for fundraising and promoting the project’s achievements. Participating companies are set to share their annual performances this upcoming December.</p><p>Most importantly, the city aims to attract blockchain companies to the region, lay business foundations for them and transform the city into a blockchain industry hub.</p><h3 id="ambition-to-become-a-global-blockchain-hub">Ambition to become a global blockchain hub</h3><p>Vice Mayor Kim said the city will keep supporting local blockchain startups so that these entrepreneurs can settle down in Busan, with the aim of turning the city into a global blockchain hub.</p>

Busan City embarks on forging blockchain-specialized cluster

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