- Other VASPs are involved in the project
- Previously, the first state-owned crypto exchange was dreamed of in Busan
Lee Sunyeol, Honorary Chairman of South Korean Kolon Group, is partnering with Binance to prepare a new project. Apparently, it will be a platform for trading digital assets under the patronage of the government.
About it report local media citing their sources. There are few details regarding this project so far. Other VASPs (digital asset service providers) are known to be involved in the initiative.
Notably, Lee Sunyeol stepped down as current chairman of Kolon in 2018. One of the reasons for his resignation was a “miscalculation” in assessing the potential of the blockchain.
As for the platform itself, we previously wrote about a similar project. There it was about the first decentralized exchange of tokenized assets in Busan.
Recall that through it, traders will be able to buy “pieces”, for example, precious metals or real estate. The potential of such a project is huge, but only theoretically.
In practice, he faced a wave of criticism. In addition to regulatory ambiguity and the uncertain role of the state, such a platform would be highly centralized, which discourages traders.
Binance has not yet commented on the news. Earlier, the exchange became the official blockchain partner of the city. But later in Busan they abandoned the usual crypto exchange in favor of the project indicated above. Whether this affected the partnership agreement with Binance is unclear.
