Oct 28 (Coindesk) - A group of blockchain venture capital firms agreed to invest $100 million over three years to establish a blockchain ecosystem in South Korea's second-largest city, Busan.

EOS Network Foundation, OKX Blockdream Ventures, AlphaNonce and others signed a memorandum of understanding to invest in blockchain companies in the city and attract top talent from around the world. Busan will aim to provide a favorable administrative regime to enable investments to run smoothly.