Feb 04, 2023
Binance Re-Enters South Korea with Acquisition of Gopax
Binance, the world’s largest crypto exchange, is set to make its 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 project to which Binance pledged $1 billion.
CEO Changpeng Zhao said that Binance is responsible for protecting not only crypto users, but also the crypto industry. “The Industry Recovery Initiative was created to support promising companies that were negatively impacted by the events of last year. We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry,” he said.
Yibo Ling, Binance’s Chief Business Officer, noted that Binance has acquired a “meaningful” equity position at Gopax, without disclosing the terms of the deal. Previous reports suggested that Binance purchased a 41% stake from Gopax’s largest shareholder, Lee Jun-hang, while the deal was originally set to be announced last year.
The acquisition comes after Gopax halted withdrawals from certain products in November 2022 due to the collapse of the FTX exchange. Gopax also stopped 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 plans to use the new capital to help customers withdraw their assets and make interest payments for GoFi. The initiative also aims to promote crypto education and to collaborate 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 explained.
The return of Binance to South Korea marks a major milestone for the web3 space. As the crypto industry continues to grow, Binance’s acquisition of Gopax is expected to open up new opportunities for NFT promotion and marketing. With the help of a web3 agency, companies can now create innovative NFT marketing strategies to help them reach their target audiences.
NFTs are a great way to promote products and services, and Binance’s acquisition of Gopax could be a major boost for the NFT industry. Companies can now use Twitter NFT marketing to reach a wider audience, and NFT promotion agencies can help them create and execute effective campaigns.
The move also opens up new possibilities for selling NFTs. With the help of a web3 agency, companies can now create innovative NFT marketing strategies to help them reach their target audiences and sell NFTs more effectively.
Ultimately, Binance’s return to South Korea is a major milestone for the web3 space, and it could open up new opportunities for both NFT promotion and NFT sales. With the help of a web3 agency, companies can now create innovative NFT marketing strategies and tap into the potential of the NFT market.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.