EOS Network signs MoU with Busan to promote crypto investments

EOS Network Foundation (ENF), the new entity commissioned by the EOS community to develop its core blockchain software, today announced the signing of a Memorandum of Understanding (MoU) with the city of Busan in South Korea.

EOS network

As part of the deal, EOS joins a group of well-known crypto players to establish the Venture Capital Alliance of Busan Blockchain (VCABB), which collectively holds $700 million in assets under management. The initiative from Busan, South Korea’s second largest city, is also backed by AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures, and Ragnar Capital Management.

Under the agreement, VCABB will contribute to the development of the blockchain ecosystem in the city of Busan by investing $100 million in blockchain-related businesses over the next three years.

In addition, the six domestic and foreign venture capitals will provide resources to attract large amounts of foreign capital for the development of the blockchain industry. Busan will provide administrative and regulatory assistance, while the VCs will attract more investment from abroad.

The alliance comes at a time when the EOS ecosystem is undergoing significant change, founder Yves La Rose said earlier this month of two new initiatives dubbed Recover+ and Yield+.

“We hope to invest and bring exciting projects to the city of Busan, we are extremely optimistic about the local ecosystem and hope to play a role in its future growth,” said Tony Cheng, general partner of Foresight Ventures.

“South Korea is home to a number of world-class venture capital firms and Web3 startups, and we believe the establishment of the Venture Capital Alliance Busan Blockchain (VCABB) will help accelerate blockchain adoption in the world. global scale. We are committed to working with the city of Busan and our partners to invest in concrete blockchain-related developments that will benefit the city and its stakeholders. This MoU is a major step forward in our mission to promote the use of EOS blockchain technology,” added Yves La Rose, Founder and CEO of the EOS Network Foundation.

The city of Busan has signed similar partnerships with Binance, FTX and Huobi to attract new talent and support the city’s ambitions to transform into a global center for digital finance.

South Korea defines two main needs that digital asset companies must fulfill. Once real name verification is complete and partnership with a local bank, digital asset platforms must acquire a license from the country’s Financial Intelligence Unit (FIU). It is a unit of the Financial Services Commission (FSC), the country’s main financial regulator. In addition to these stricter rules, crypto exchanges must obtain a security certificate from the Information Security Management System (ISMS).