Author: Markus Hinrichs

Editor: Randall Roland

The VC Alliance Busan Blockchain, which has a total of $700 million in assets under management, is formed of the ENF, AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures, and Ragnar Capital Management. By promising a $100 million investment in blockchain-related businesses over the next three years, the alliance will actively support the growth of the blockchain ecosystem in the second-largest city of South Korea, with approximately 3.5 million inhabitants.

In 2019 the Busan Metropolitan City was declared as a blockchain regulatory-free zone by the government, which benefits Web3 projects and draws blockchain businesses to the city. Busan has been promoting itself as a blockchain center and has formed various alliances with companies including Binance, FTX, Huobi, Gate.io and Crypto.com to assist build the blockchain infrastructure.

The city of Busan is already home of more than 465 blockchain related enterprises and continues to pull foreign capital not least during the Busan Blockchain Week 2022 where the agreement between Busan Metropolitan City and the ENF was signed.

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Yves La Rose (picture right), Founder and CEO of the EOS Network Foundation

Busan is eager to create favorable conditions for partnerships and investments, but it also understands the value of fostering its startups at every growth stage. As a result, there is great interest in setting up a technology learning center and providing an acceleration program for blockchain startups. This great initiative will also receive support from the VCABB Alliance.
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