A memorandum of understanding (MoU) between the government of Busan Metropolitan City and the EOS Network Foundation has led to the formation of the Venture Capital Alliance of Busan Blockchain (VCABB), which has $700 million in assets under management between its members. Foresight Ventures, OKX Blockdream Ventures, Ragnar Capital Management, and AlphaNonce have joined forces under the MoU.
Under the terms of the deal, the VCABB will invest $100 million over the course of three years in blockchain-related startups in South Korea’s second-largest city. Several leading venture capital firms and Web 3 businesses have set up shop in South Korea, and the advent of VCABB is likely to accelerate the spread of blockchain technology around the world.
Investments in blockchain technology by VCABB will find a more welcoming regulatory environment thanks to the MoU. For the purpose of attracting more international investment to the Busan area, the city government intends to make all the required preparations and investments. VCABB will also back the city’s proposed blockchain startup education hub and accelerator.
Yves La Rose, Founder and CEO of the EOS Network Foundation, said:
“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.”
The city of Busan is already home to a flourishing Web3 ecosystem. The city is home to more than 465 firms operating in the blockchain industry. Busan’s blockchain regulatory-free zone is a boost to Web3 efforts and the city’s efforts to recruit blockchain-related firms. Also, to help with its efforts to become a worldwide digital finance powerhouse, the city has also announced strategic collaborations with Binance, FTX, and Huobi.
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