Quick take:
- EOS Network has signed a memorandum of understanding with Busan City to establish a Venture Capital Alliance of Busan Blockchain (VCABB).
- VCABB is launched in partnership with AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures, and Ragnar Capital Management.
- The alliance holds $700 million in assets under management and will pump $100 million into the Busan Metropolitan City’s blockchain ecosystem.
EOS Network has signed a memorandum of understanding (MoU) with Busan Metropolitan City to invest $100 million in blockchain-related companies.
The two are collaborating with leading web3 venture capital firms AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures, and Ragnar Capital Management to launch the Venture Capital Alliance of Busan Blockchain (VCABB).
According to the announcement, the alliance holds $700 million in assets under management collectively.
EOS Network is a blockchain company founded by Yves La Rose to power the future of decentralised communities through seed funding and collaborations that create positive feedback loops that inspire further innovation.
Busan is Korea’s second-largest city, behind the capital Seoul. It is also one of the earliest adopters of web3 technology in the country. The city recently ran a promo campaign for the 2030 World Expo bid, which it won.
The city’s investment in blockchain technology is part of the Korean government’s plans to take the lead in onboarding the global population into web3. Earlier this year, Korea pledged $186.7 million to support metaverse projects in the country.
The VCABB is going to play a crucial role in developing Busan City’s blockchain ecosystem.
“We hope to invest in and bring over interesting projects to the city of Busan, we are extremely bullish on the local ecosystem and hope to play a part in its future growth.” Tony Cheng, Foresight Ventures General Partner.
While several companies have continued to bet big on the metaverse and blockchain-related projects, one of their biggest challenges has been finding a way around stringent regulations that seek to protect citizens from the dark side of crypto.
Busan offers a unique opportunity to web3 builders through its blockchain regulatory-free zone.
This announcement also comes hot on the heels of the City’s recent partnerships with Binance, FTX, and Huobi to attract new talent and transform Busan into a global digital finance hub.
Yves La Rose, Founder and CEO of the EOS Network Foundation commented: “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.”
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