South Korean City Busan Names Digital Exchange Preferred Bidder
The South Korean city of Busan is edging closer to the launch of a long-awaited blockchain-powered digital assets trading platform, and has named a preferred bidder.
The city has previously pledged to launch the world’s first city government-run exchange before the end of 2023.
This ambitious timeline looks set to expire. But the city has moved a step closer to launch by naming a preferred bidder in an operating tender.
The city named a consortium of small- and medium-sized firms named the Busan BDX Consortium.
The consortium comprises 11 companies. These include IT firms, financial institutions, and other Busan-based businesses.
Per the newspaper Kookje Shinmun, the consortium is led by ITcen, a tech “infrastructure and IT technology” specialist with a market capitalization of around $123 million.
The consortium beat competition including the gaming giant WeMade, the firm behind the WEMIX cryptoasset. The media outlet wrote:
“Although Wemade’s market capitalization is so large that it cannot be compared to ITcen, it is believed that the [controversy] surrounding WEMIX may been a factor.”
Last year, the nation’s five biggest crypto exchanges decided to unanimously delist WEMIX after complaints of irregularities in token circulation data.
However, all but one of the exchanges have since relisted the coin, leading to divisions within the industry.
Other experts believe that the city wanted to work with firms that have a stronger presence in Busan, and understand the complexities of the “local industrial ecosystem.”
The city will now ask the Busan City Council to vote on the launch of the platform.
After this, the consortium will likely sign a business agreement with the city in January.
The exchange operator will reportedly “take full
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