Sign In
Sign Up
DeFinda Logo
Find & Compare DeFi Products
usd logo USD
Home Blog blockchain hubs and buyback programs
Article by Yunis
2 September 2022 (Updated 23 May 2024)

Crypto and blockchain developments find a foothold from local authorities and private companies in a recession-feared global economy.

Countries and cities are in competiton to become an attraction center for blockchain enthusiasts. Busan city from South Korea announced partnerships with Binance and FTX.
Local Blockchain Hubs are growing. Nexo started a buyback program.
  • Despite the global slowdown, blockchain development activities are growing.
  • South Korean city Busan made an agreement with Binance and FTX to run a local crypto exchange.
  • Indonesia is taking serious steps in digital transformation.
  • NEXO announced a buyback program for the platform's native token.

After a bullish month in July, Bitcoin couldn't break through the 25k level and then it drawback to the 20k level in August. FED's chair Powel's speech on 27th August triggered a sell-off because the message was more hawkish about interest rate increases in the near future.
The most debated issue was U.S. Treasury ban on Tornado Cash. State ban on a decentralized application set off a reaction from crypto communities. The biggest development news was Ethereum's merge date announcement. After the merge date was announced, Ethereum's price gained more than %20 and tested the $2000 level.
Despite the negative global economic environment, blockchain development activities continue. There will be a significant development with another major blockchain Cardano's ADA. ADA's Vasil Upgrade is about to be announced while the market is focused on ETH merge. Governments and local administrations are showing interest in crypto and blockchain adoption and regulations without pausing. There are cities around the world competing to become blockchain hubs.

Local Blockchain Hubs

Competition to become a blockchain hub is heating up. The town of El Zonte, El Salvador's Bitcoin Beach, is a well-known blockchain hub and attracts blockchain enthusiasts to the country. El Salvador's president Nayib Bukele showed strong support for crypto adoption and announced new plans for $203 Million in infrastructure investments in the town of El Zonte. El Salvador is not alone on this journey. There are other cities and countries that want to become attraction center for the blockchain industry.
Busan, the second biggest city in South Korea, is a popular destination for crypto and blockchain startups. Binance announced an agreement with the city of Busan on Twitter before August ends. Shortly after, the City of Busan signed an agreement with Sam Friedman's FTX to develop local cryptocurrency exchange and to support the blockchain startup ecosystem. The Busan City authorities expressed that they want to create a local exchange where crypto startup company shares and cryptocurrencies can be traded in a regulated environment.

Indonesia is another country in the blockchain hub competition. Indonesia's Commodity Futures Trading Regulatory Agency Bappebti stopped issuing new licenses for crypto traders. There are already 25 registered and licensed crypto trading companies in the country. The ministry-level statement showed that Indonesia is preparing a local crypto exchange before the end of 2022. Indonesia has also stated that wholesale CBDC will be ready before 2023.

Nexo's $50M Buyback program

Cryptocurrency exchange platform Nexo announced a $50 Million buyback plan for its platform's native token, NEXO. Nexo's plan is periodically repurchase Nexo tokens in the next six months. Repurchased tokens will be subject to 12 months vesting period. This is not the first time Nexo started a buyback program. Nexo announced a $100 M buyback program back in last May.
The company labelled itself as the leading regulated digital assets institution while announcing the program. Crypto exchange platform Nexo allows users to lend and borrow cryptocurrencies on the platform. Using Nexo tokens gives some advantages in fees and rewards on the platform. Nexo token is among the top 100 cryptocurrencies by marketcap according to

Important Message Definda does not provide any financial advice. All information is provided for research purposes only. DeFi is a rapidly evolving industry. Most businesses in the sector are very young and it is possible that some of them could go out of business in the future. Such an event could result in the loss of your investment. You should do your own research or consult a financial advisor before investing any money. Please read and satisfy yourself with our terms before continuing to use our website. We offer a free impartial comparison service of savings, loans and other DeFi products. We may receive a small commission from some of the companies listed, but this never influences our rankings. If you spot any errors in the information listed then please contact us at
Blog Page 1
Blog Page 2
Blog Page 3
Blog Page 4
Crypto Platform News - Uptober 2023
Crypto Platform News - September 2023
Crypto Platform News - August 2023
The Evolution of Monetary Sovereignty in Modern Finance and the Dollar as a Measurement Unit.
Crypto Platform News - July 2023
Crypto Platform News - June 2023
The Top 5 Biggest Crypto Cities and Communities
Responsible Development of AI; Let's be good parents for AI
Crypto Platform News - May 2023
April 2023 Market Review
Crypto Platform News - April 2023
Crypto Platform News - March 2023
March 2023 Market Review
Are cryptocurrencies securities? Is Bitcoin Halal?
February 2023 Market Review

Why Compare With Definda?

tick Completely Impartial

We always rank and compare products objectively and impartially.

tick Careful Research

We carefully research products for legitimacy before adding them to the platform.

tick We Never Sell Your Data

We never sell or disclose your data to anyone.

© DeFinda 2024
Share Page Using