EOS Network Foundation Signs Memorandum of Understanding with Busan Metropolitan City to Establish Venture Capital Alliance of Busan Blockchain
BUSAN, South Korea
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October 28, 2022 05:42 AM Eastern Daylight Time
The Busan Metropolitan City government and EOS Network Foundation have signed a memorandum of understanding (MoU) in partnership with AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures, and Ragnar Capital Management to establish the Venture Capital Alliance of Busan Blockchain (VCABB), which collectively holds $700m assets under management. Under this agreement, the VCABB will actively contribute to the development of the blockchain ecosystem in South Korea’s second largest city by investing $100 million into blockchain-related companies over the next three years.
“We hope to invest in and bring over interesting projects to the city of Busan, we are extremely bullish on the local ecosystem and hope to play a part in its future growth.” Tony Cheng, Foresight Ventures General Partner.
Busan boasts a blockchain regulatory-free zone, which is advantageous for Web3 initiatives and for attracting blockchain-related businesses to the city. Today’s MoU signing ceremony occurred during Blockchain Week in Busan and established the VCABB as the first venture capital group to operate under such an agreement with Busan Metropolitan City to support the continued development of the city's blockchain ecosystem. The city of Busan has also recently announced strategic partnerships with Binance, FTX, and Huobi to attract new talent and to support the city's ambitions to transform itself into a global digital finance hub.
“We are thrilled to be signing this Memorandum of Understanding (MoU) with the city of Busan to help bring EOS and its technology to the forefront,” said Yves La Rose, Founder and CEO of the EOS Network Foundation. "South Korea is home to a number of world-class VC firms and Web3 startups, and we believe that the creation of the Venture Capital Alliance Busan Blockchain (VCABB) will help accelerate the adoption of blockchain globally. We are committed to working with the city of Busan and our partners to invest in tangible 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."
With over 465 blockchain-related businesses established in Busan, the city is already home to a thriving Web3 ecosystem. The VCABB’s commitment to deploy venture capital into the region will contribute even more momentum towards making the city an attractive hub where entrepreneurs and transformative businesses can thrive and succeed.
“This partnership with the City of Busan is an important step for OKX Blockdream Ventures. Through our industry-leading position, we hope to invest in promising and innovative blockchain projects in South Korea and actively promote the developments of the local blockchain industry,” said Dora Yue, Founder, OKX Blockdream Ventures.
The MoU will offer the VCABB with a favourable administrative atmosphere to support blockchain investments and the city will actively provide the necessary resources to attract more foreign capital to the Busan area. The VCABB will also support the city's plans for an education center and accelerator program for blockchain startups.
About EOS Network Foundation
The EOS Network Foundation (ENF) is a not-for-profit organization that coordinates financial and non-financial support to encourage the growth and development of the EOS Network. The ENF is the hub of the EOS Network, harnessing the power of decentralization as a force for positive global change to chart a coordinated future for EOS.
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