Foresight Ventures and VC alliance signed an MOU agreement with Busan City to invest $100 mil over the next three years.
On October 28th, 2022, Busan city revealed that it has entered into an MOU agreement with global blockchain venture capitals to invest in blockchain projects and companies located in Busan City. Global blockchain venture capitals that signed into an agreement are Foresight Ventures, AlphaNonce, Coinness, EOS Network Foundation, OKX Blockdream Ventures, and Ragnar Capital Management.
According to the agreement, Busan city and the global blockchain VCs will form the VCABB (Venture Capital Alliance of Busan Blockchain) in the coming November. VCABB will invest $100mil in blockchain projects and companies located in Busan for the next three years.
The city of Busan has a blockchain supervision-free zone, which is very beneficial for developing the Web3 program and attracting blockchain companies to enter Busan. Meanwhile, today’s Memorandum of Understanding (MoU) signing ceremony, also held during Busan Blockchain Week, established VCABB as the first to sign such an agreement with the city of Busan to support the continued development of the city’s blockchain ecosystem Venture Capital Group.
The alliance plans to contribute to the growth of the Busan blockchain ecosystem by creating quality jobs and Busan city will, in return, provide administrative support to the alliance to facilitate investment. Moreover, Busan city is planning to provide other support and resources to attract more investment in the Busan blockchain ecosystem.
Foresight Ventures General Partner (GP) Tony Cheng said:
“We hope to invest and bring more valuable projects to Busan City. We are very optimistic about the local ecosystem and we expect to play a crucial role in the future development of Busan City.”
Foresight Ventures will also support Busan City’s plans to set up an education center with Foresight Academy and an accelerator program with Foresight X for blockchain start-ups to further promote local blockchain development.
In addition, Busan City recently announced strategic partnerships with Binance, FTX, and Huobi to attract more high-quality innovative talents and pave the way for Busan City’s ambition to transform and develop into a global digital financial center.
About Foresight Ventures
Foresight Ventures is dedicated to backing the disruptive innovation of blockchain for the next few decades. We manage multiple funds: a VC fund, an actively-managed secondary fund, a multi-strategy FOF, and a private market secondary fund, with AUM exceeding $400 million. Foresight Ventures adheres to the belief of “Unique, Independent, Aggressive, Long-Term mindset” and provides extensive support for portfolio companies within a growing ecosystem. Our team is composed of veterans from top financial and technology companies like Sequoia Capital, CICC, Google, Bitmain and many others.