- Binance acquires a major portion of the ailing South Korean crypto exchange GOPAX.
- Streami Inc, GOPAX’s parent firm, is one of Genesis Global’s top 10 debtors.
- Ling claims Binance will fund GOPAX so users can withdraw and pay interest on yields.
Binance, one of the largest crypto platforms, reportedly bought a significant portion of the ailing South Korean cryptocurrency exchange GOPAX. The acquisition was made possible through the Industry Recovery Initiative, a $1 billion co-investment venture sponsored by Binance.
This initiative demonstrates Binance’s commitment to supporting and revitalizing the industry, and its acquisition of GOPAX is a clear example of this effort in action.
Streami Inc., the parent company of the GOPAX cryptocurrency exchange in South Korea, is one of Genesis Global’s top ten creditors. GOPAX’s blog post states that Digital Currency Group, the parent business of the US cryptocurrency lender, is the company’s second-largest stakeholder.
According to Bloomberg, Binance will acquire a majority interest in GOPAX, bringing its expertise and resources to the floundering exchange. This transaction is expected to provide GOPAX with much-needed stability after the company has suffered difficulties in recent months.
Additionally, the merger will provide Binance with increased market share, access to new customers, and a platform to expand its services in South Korea.
Binance chief business officer Yibo Ling stated that the company plans to infuse capital into GOPAX so that users may withdraw and pay interest on yield products.
“The fundamental thrust of this deal was to support customers and make sure that any customers who want to withdraw their assets have the ability to do so,” Ling said in an interview.
In conclusion, Binance’s acquisition of GOPAX and the injection of funds are a welcome development for GOPAX customers and the wider cryptocurrency community in South Korea.
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