Bithumb cryptocurrency exchange will invest more than $ 8 million in the development of blockchain technology

South Korea's largest cryptocurrency exchange, Bithumb, intends to invest 10 billion won (~$8.6 million) ina “regulation-free” zone in the city of Busan to develop blockchain-based solutions. This was announced on Thursday. Bithumb's investment will be implemented through its subsidiary GCX Alliance.

According to a local resource News1 Korea, Bithumband the Korea Financial Services Commission will discuss more details later this month. Thus, in the near future, Bithumb will be able to provide financial instruments based on the blockchain in Busan.

Busan, the second most populated cityKorea, has been declared a regulatory-free zone open to businesses that want to experiment with blockchain technology. At that time, the ministry announced that a wide range of blockchain proposals related to finance, public safety and tourism would be presented in Busan.