BUSAN, South Korea, October. 28, 2022 — 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.
“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 of OKX Blockdream Ventures.
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.
EOS Network Foundation
The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.