Feb 04, 2023
Binance Re-Enters South Korea with Acquisition of Gopax
Cryptocurrency exchange Binance has made a major return to South Korea with the acquisition of the local crypto trading platform Gopax. The funding for the transaction came from the Industry Recovery Initiative, a finance-initiated investment project to which Binance pledged $1 billion.
Binance CEO Changpeng Zhao commented on the acquisition, saying that Binance is responsible for protecting not only crypto users, but also the crypto industry. He further stated, “We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry.”
The acquisition comes a few months after Gopax halted withdrawals from certain products in November 2022 amid the collapse of the FTX exchange. Gopax halted withdrawal of principal and interest payments in its decentralized finance (DeFi) service GoFi as a result of issues experienced by now-bankrupt crypto lending firm Genesis Global Capital.
Binance chief business officer Yibo Ling noted that Binance has acquired a “meaningful” equity position at Gopax, without disclosing the terms of the deal. The new capital from the acquisition will be used to promote customer withdrawals and interest payments for GoFi, as well as to promote crypto education and close collaboration with the South Korean regulators and virtual asset stakeholders.
“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 stated.
The acquisition of Gopax by Binance is a major move in the web3 space, offering a great opportunity for NFT marketing and promotion. Binance is now well-positioned to become a leader in the web3 space, offering a comprehensive suite of services to customers, including NFT marketing, NFT promotion, and Twitter NFT marketing.
Binance’s acquisition of Gopax also opens up the possibility of the exchange becoming a major NFT marketing agency, providing services to help customers sell NFTs and promote their collections. Binance’s expertise in the crypto space and its experience with web3 technologies make it an ideal choice for customers looking for a web3 agency to help them succeed in the NFT space.
Gopax has already been a key player in the South Korean crypto market, and with the acquisition by Binance, its potential to become a major player in the web3 space is now even greater. Binance’s expertise in the crypto space and its experience with web3 technologies make it an ideal choice for customers looking for a web3 agency to help them succeed in the NFT space.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.