ENF signed a cooperation agreement with Busan, South Korea to establish the Busan Blockchain Venture Capital Alliance (VCABB)

Original source: EOS Network Foundation (ENF)

Busan, South Korea, October 28, 2022 – After various communications, the Busan Metropolitan City (referred to as Busan) government and EOS Network Foundation have established cooperation with AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures and Ragnar Capital Management And signed a Memorandum of Understanding (MoU, which refers to a treaty recorded in text after the two parties have reached a consensus through negotiation) to establish the Busan Blockchain Venture Capital Alliance (VCABB).

The alliance collectively holds and manages $700 million in assets. According to the content of the agreement, VCABB will invest US$100 million in blockchain-related companies in the next three years to promote the continued positive development of Busan's blockchain ecosystem as the second largest city in South Korea.

Foresight Ventures General Partner (GP) Tony Cheng said:

“We hope to invest and bring more interesting projects to Busan City, we are very optimistic about the local ecosystem, we expect It will play an important role in the future development.”

Busan City has a blockchain supervision free zone, which is very important for the development of Web3 plans and attracting It is very beneficial for blockchain-related companies to settle in Busan. Meanwhile, today’s Memorandum of Understanding (MoU) signing ceremony, also held during Busan Blockchain Week, established VCABB as the first of its kind to sign an agreement with the city of Busan to support the continued development of the city’s blockchain ecosystem. Venture Capital Group.

In addition, the city of Busan recently announced the establishment of strategic partnerships with Binance, FTX and Huobi to attract more high-quality innovative talent inflow , Paving the way for the transformation and development of Busan City into a global digital financial center.

For this cooperation, Yves La Rose, founder and CEO of EOS Network Foundation, said:

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“We are very excited to sign this Memorandum of Understanding (MoU) with the City of Busan, This will help propel EOS and its technology towards leading-edge leadership. Korea is home to many world-class venture capital firms and Web3 startups, and we believe the establishment of the Busan Venture Capital Alliance for Blockchain (VCABB) will help accelerate the development of the region. Blockchain applications around the world.

We are committed to working with Busan City and our partners to invest in the development of practical blockchain-related projects, which will enable The city of Busan and its stakeholders will benefit. This MoU is an important step forward in our mission of "promoting the use of EOS blockchain technology."

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With more than 465 blockchain-related businesses in Busan, the city has become a thriving Web3 ecosystem. The VCABB’s commitment to deploy venture capital to the region will give the city a strong push to become an attractive blockchain hub where entrepreneurs and transformative businesses can thrive and succeed.

OKX Blockdream Ventures founder Dora Yue said:

“The cooperation with Busan City is an important step for OKX Blockdream Ventures. Relying on our leading position in the industry, we hope to have a growing investment in South Korea Blockchain projects with promising prospects and innovative ideas will actively promote the development of the local blockchain industry.”

The understanding signed this time The memorandum will provide VCABB with a favorable administrative atmosphere to support business development such as blockchain investment. Busan City will actively provide the necessary resources to attract more foreign investment into the Busan area. VCABB will also support Busan City's plan to set up an education center and accelerator program for blockchain start-ups to further promote local blockchain development.

EOS Network Foundation