Over the next three years, $100 million (worth 140 billion won) worth of funds will be directly invested in blockchain companies operating in Busan. ▶ Related Articles Page 8
According to Busan City on the 27th, Busan City signed a business agreement with six domestic and foreign venture capitals on the 28th to establish an ecosystem for the Busan blockchain industry and foster companies. This business agreement will be held as part of the Blockchain Week in Busan 2022 event held at BEXCO in Haeundae, Busan for three days from the 27th.
According to the business agreement, these venture capitals will contribute to the development of the blockchain industry in Busan by investing $100 million in blockchain companies based in Busan over the next three years. In addition, it will actively make efforts to develop excellent talent in the region and attract global talent.
To this end, not only will the blockchain education center be opened, but also educational programs linked to universities will be prepared. It also helps start a new blockchain startup through the Blockchain Startup Support Center. In addition, various activities will be conducted to establish a blockchain ecosystem that combines “technology + talent + business” such as sending news and opening a community for blockchain companies based in Busan.
Five out of six venture capital companies participating in the business agreement attract foreign investment and directly invest in Busan blockchain companies. The other one is responsible for fostering content and communities to build a blockchain ecosystem in Busan.
The Busan Metropolitan Government promised administrative support to help these venture capitals smoothly pursue investment projects in Busan. Venture capital will also help attract foreign capital for investment in Busan. In addition, in order to recruit more participating venture capital in the future, it will consult with the Busan City Council to enact related ordinances and lay a clear basis for administrative support.
The Busan Metropolitan Government has decided to create a tentatively named “Venture Capital Alliance of Busan Blockchain” (hereinafter referred to as VCABB) with these venture capitals to smoothly fulfill various roles contained in the business agreement. The VCABB foundation ceremony will be held separately in November this year, and VCABB will be used as a communication channel between Busan City and venture capital to implement the contents of the business agreement in the future.
An official from Busan City said, “If a total of $100 million in funds are injected into the Busan blockchain industry over the next three years, it is expected to serve as a major priming water for the establishment of the local blockchain ecosystem.”
