SEOUL, South Korea--(BUSINESS WIRE)--The largest blockchain business center in Northeast Asia will be established in Busan.

MEDIUM announced on February 21 that it entered into a memorandum of understanding (MOU) for investment in a scale of KRW 500 billion to build Busan International Blockchain Business Center (BIBC) with the Busan Metropolitan City and 15 companies including NHN, Brave Entertainment, and Daeyoung Chaevi.

BIBC will serve as a key propellant for the establishment of a blockchain industrial complex in Busan, a special blockchain zone.

According to the MOU, MEDIUM will support research, technology development, and investment for the blockchain industry development, and promote the creation of an ecosystem to activate the blockchain business of the participating companies.

The 15 companies participating in the BIBC establishment project with MEDIUM are NHN, Brave Entertainment, Daeyoung Chaevi, Pangsky, RET GAMES, GROWIN, DoobitnaraeSoft, DataLabs, Petdoc, Wein Technology, Landover, CRUDCM, and CODExBridge. Their main goals are to discover commerce and payment businesses, establish a digital content research center, study an electric vehicle charging platform for the future, and build a future mobility exhibition center based on blockchain technology.

The Busan Metropolitan City will provide systematic support, such as in terms of site development and building-related permits in order to help the participating companies settle down stably at an earlier phase of the project implementation, and thus produce substantial outcomes.

The city government anticipates that the BIBC and infrastructure of new businesses to come into Busan will produce local economic activation effects by revitalizing the local commercial districts and creating more than 30,000 jobs. In particular, through the introduction of blockchain solutions to the maritime and port, distribution, and logistics industry, technological advancement will be achieved for the diverse industry of Busan.

CEO Pan-jong Kim of MEDIUM, which handles the project management, said, “MEDIUM has proven its high-speed blockchain technological power by providing numerous products and services to private companies and public organizations over the years. This time, I am confident that MEDIUM will contribute significantly to activating Busan, a special blockchain zone. We will dedicate the utmost effort to developing Busan to stand at the center of not only Korea but also the world through blockchain technology innovation and commercialization.”

MEDIUM plans to relocate its head office from Seoul to Busan, and further solidify the base for the BIBC project.

A Busan Metropolitan City official said, “The establishment of the global blockchain business center in Busan will demonstrate that Busan is an ideal base that will play a role in the blockchain industry development. This is also an important project with which the city will produce substantial outcomes in terms of industrial activation and local economic advancement in Busan. We will provide full economic and political support so that Busan will develop into the largest blockchain hub in Northeast Asia.”