Binance bought a majority stake in South Korea-based crypto exchange GOPAX, which was interpreted as the return of the exchange to the country market.
According to a report by Bloomberg, Binance, the South Korean-based cryptocurrency exchange grappling with the liquidity crisis. GOPAXacquired the majority of shares. Financing the acquisition, according to the deal details, is the industry bailout fund that Binance has set at $1 billion, followed by another billion-dollar commitment. Industry Recovery Initiative by (IRI) came.
However, Binance has returned to the South Korean market through its majority stake in GOPAX. Binance CEO Changpeng Zhao (CZ) In his statement on the subject, he made the following statements:
We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry.
GOPAX’s parent company, Streami Inc. bankrupt Genesis GlobalHe was one of the 10 largest known creditors of. The stock market was dragged into a financial crisis, especially in the last few months, with the domino effect created by this situation. Commenting on the agreement with Binance, company officials stated that the main purpose of the agreement was supporting customers And ensuring that customers who want to attract their assets can do so stressed that.