Feb 04, 2023
Binance Re-Enters South Korea with Gopax Acquisition
Cryptocurrency giant Binance has announced its return to South Korea with the acquisition of the local crypto trading platform Gopax. The transaction was funded by Binance’s Industry Recovery Initiative, to which the company pledged $1 billion.
Binance CEO Changpeng Zhao stated that the company is committed to protecting not only crypto users, but also the crypto industry. He expressed hope that the move with Gopax will help rebuild the Korean crypto and blockchain industry.
Binance chief business officer Yibo Ling revealed that the company has gained a “meaningful” equity position at Gopax, without disclosing the terms of the deal. Reports suggest 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 suspend 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, as well as promote crypto education and close collaboration with the South Korean regulators and virtual asset stakeholders. Ling said that 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.
The acquisition is a major step towards Binance’s goal of becoming a major player in the web3 space, and it could open the door to new opportunities in NFT promotion and marketing. Binance’s presence in South Korea could help the company gain access to a larger pool of potential customers, as well as provide a platform for NFT promotion and marketing.
Binance could leverage its presence in South Korea to become a NFT marketing agency, offering services such as Twitter NFT marketing, NFT promotion, and NFT marketing. The company could also use its presence in South Korea to become a web3 agency, providing services such as helping projects launch their own NFTs and sell them.
The acquisition of Gopax is a major step forward for Binance, and it could result in the company becoming a major player in the web3 space. With the new capital and access to a larger pool of potential customers, Binance could become a major NFT marketing agency and a web3 agency.
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