Feb 04, 2023
Binance Re-enters South Korea with Gopax Acquisition
Cryptocurrency exchange giant Binance has announced that it is re-entering the South Korean market through its acquisition of the local trading platform Gopax. The deal was funded by a finance-initiated investment project called the Industry Recovery Initiative, to which Binance pledged $1 billion.
Binance CEO Changpeng Zhao said that the company is committed to protecting 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.
Binance chief business officer Yibo Ling noted that Binance has acquired a “meaningful” equity position at Gopax, without disclosing the terms of the deal. Reports suggested that Binance purchased a 41% stake from Gopax’s largest shareholder, Lee Jun-hang.
The acquisition comes a few months after Gopax halted withdrawals from certain products in November 2022 due to the collapse of the FTX exchange. Gopax had to halt withdrawal of principal and interest payments in its decentralized finance (DeFi) service GoFi as a result of issues faced by the now-bankrupt crypto lending firm Genesis Global Capital.
With the acquisition, Binance plans to use the new capital to promote crypto education and close collaboration with the South Korean regulators and virtual asset stakeholders. The initiative also aims to ensure customer withdrawals and interest payments for GoFi.
“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.
Binance’s re-entry into the South Korean market is expected to have a major impact on the crypto space, especially when it comes to NFTs and the promotion of them. Binance is one of the biggest players in the web3 space, and their presence in South Korea could help to drive more interest in NFTs and the web3 space.
NFTs are unique digital assets that are stored on a blockchain, and they are becoming increasingly popular as a way to promote businesses, products, and services. NFTs are also becoming increasingly popular as a way to monetize content, and they can be used to create unique digital experiences.
As a result, NFT promotion has become an important part of the web3 space, and Binance’s presence in South Korea could help to drive more interest in NFTs and the web3 space. Binance is already well-known for its crypto offerings, and its presence in South Korea could help to drive more interest in NFTs and the web3 space.
Binance’s presence in South Korea could also help to drive more interest in NFT marketing agencies and NFT promotion. Twitter NFT marketing is becoming increasingly popular, and Binance’s presence in South Korea could help to drive more interest in NFT marketing agencies and Twitter NFT marketing.
Binance’s presence in South Korea could also help to drive more interest in NFTs and the web3 space, and could help to drive more interest in selling NFTs. As more people become interested in NFTs and the web3 space, more people will be interested in selling NFTs, and Binance’s presence in South Korea could help to drive more interest in this space.
Overall, Binance’s re-entry into the South Korean market is expected to have a major impact on the crypto space, and could help to drive more interest in NFTs and the web3 space. Binance’s presence in South Korea could help to drive more interest in NFTs, NFT marketing agencies, Twitter NFT marketing, and selling NFTs.
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