Incheon, South Korea Teams Up with 15 companies, Including Binance and AMD, to Create a Blockchain Hub

Incheon, a bustling city in South Korea, is developing the Incheon Economic Free Zone (IFEZ) to enhance its standing in the blockchain industry. The city’s ambitious plan is to transform into a blockchain hub in partnership with 15 major companies, including Binance and AMD. 

The news comes after the “Incheon Metanomics 2023” event at Songdo Convensia in Yeonsu-gu. 

Incheon aims to cultivate a robust industry ecosystem and attract anchor companies. The city’s vision for becoming a blockchain hub is to accelerate its growth as a future-oriented metropolis and establish itself as the leader in the rapidly evolving world of blockchain technology. 

The South Korean city also plans to hold a blockchain technology summit and establish a digital economy industrial association where industry, academia, and government work together. While the “Digital Economic Free Zone” centers around finance, environment, and logistics. Moreover, the initiative aims to advance novel blockchain technologies and delve deeper into blockchain-related businesses.

Currently, digital companies in Incheon amount to 6%, which is higher than the regional average of 2-3%. Mayor Yoo Jeong-bok commented on the news, “In the future, Incheon will collaborate with companies, academia, and government agencies to develop various services and business models using blockchain technology and expand them to a world-class level. Incheon will develop into a future-oriented, first-class city led by a blockchain technology-driven hub city.”

Last year, South Korea announced plans to establish Busan as the global cryptocurrency hub. Busan also signed an agreement with Binance for technological and infrastructure support.

South Korea is rapidly becoming a leader in both the blockchain and metaverse industries. The country has already established itself as a major player in blockchain technology, with its cities actively developing tech initiatives and partnering with major companies. South Korea has also been investing heavily in the development of the metaverse, with top tech companies like Samsung and LG leading the charge.

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