Feb 04, 2023
Binance Re-Enters South Korea with Acquisition of Gopax
Cryptocurrency exchange Binance has announced the acquisition of a majority stake in the South Korean-based crypto trading platform Gopax. The investment comes as part of Binance’s Industry Recovery Initiative, a finance-initiated project to which the company has pledged $1 billion.
Binance CEO Changpeng Zhao said that the acquisition is part of their mission to protect not only crypto users, but also the crypto industry. “We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry,” he said.
The acquisition marks Binance’s re-entry into the South Korean market after exiting two years ago. The details of the deal have not been disclosed, but previous reports suggest that Binance purchased a 41% stake from Gopax’s largest shareholder, Lee Jun-hang.
The acquisition comes at a time when Gopax has halted withdrawals from certain products due to 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 plans to use the new capital to fund customer withdrawals and interest payments for GoFi. Additionally, the initiative aims to promote crypto education and close collaboration with the South Korean regulators and virtual asset stakeholders.
Yibo Ling, Binance’s chief business officer, said that the fundamental thrust of the deal was to support customers and make sure that any customers who want to withdraw their assets have the ability to do so.
The acquisition of Gopax by Binance is a positive move for the South Korean crypto market and a great example of the power of NFT marketing. With the help of a web3 agency, Binance can use NFT promotion to increase awareness of their new venture and attract more customers.
Binance can also use NFT marketing to promote their new venture to the crypto community. NFTs can be used to create unique, engaging content that can be shared on social media sites such as Twitter. This will help to spread the word about the acquisition and increase the visibility of the Gopax platform.
Additionally, Binance can use NFTs to create unique incentives for users to buy and sell NFTs on the Gopax platform. This will help to increase the volume of trading on the platform, which in turn will lead to increased liquidity.
Overall, the acquisition of Gopax by Binance is a great move for the South Korean crypto market and a great example of the power of NFT marketing. With the help of a web3 agency, Binance can use NFT promotion to increase awareness of their new venture and attract more customers.
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