Crypto Hub Will Soon Rise in South Korean City

In News, Technology
Crypto Hub

The mass adoption of blockchain technology and cryptocurrency is gradually happening and it’s very evident in South Korea where a crypto hub is going to rise soon.

South Korea has been one of the Asian countries that embraced digital currencies and blockchain technology. In fact, a company is targeting one of its cities to become a crypto hub.

One of the burgeoning startups is Decenternet, pioneered by Sean Kim. The company is a faster, secured, neutral, decentralized and incentivized internet platform liberated by politics and aggression. Decentralization is a significant thing that would prevent the manipulation of intermediaries. The platform offers more than blockchain and cryptocurrency which is worth discovering.

Decenternet is cheaper and generates net neutrality while protecting the user’s data and privacy with its Net-Neutral Osiris web browser. The said browser is free and is 3 to 8 times faster than traditional browsers.

Now that digital currencies and blockchain technology have been utilized around the world, South Korea has more plans associated with it. Whether you take the train to Busan (not the movie!) or ride a bus, the city will soon become a crypto hub like Switzerland’s Crypto Valley.

The city of Busan is the country’s second largest city following Seoul. To make the crypto hub a reality, the city itself and Hyundai Pay will collaborate in a bid to boost the development of budding companies and careers.

Under the Memorandum of Understanding (MoU), Hyundai Pay will move its headquarters to Busan and to establish necessary fintech infrastructure. According to the press release, its objective is also to strengthen the industry through involvement to the development of local Information and Communications Technology (ICT) sector by way of interactive growth with related startup businesses. In addition, Hyundai Pay will support the city to build a blockchain platform and a crypto wallet.

A Busan spokesperson said, “We are planning to expedite blockchain-based platforms and services and develop Busan into a Mecca for blockchain and Fintech through intimate integration with financial institutions in the future.”

In December 2018, the city government proclaimed that it would invest at least $3.5 million to develop a virtual power plant backed by blockchain technology.

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