Binance, one of the world’s leading cryptocurrency exchanges, has re-entered the South Korean crypto market with the acquisition of a majority stake in GOPAX, a South Korean crypto exchange. The investment was made through Binance’s Industry Recovery Initiative, which was created to support promising companies that were negatively impacted by the events of last year.
The acquisition of GOPAX marks Binance’s return to the South Korean crypto market, having withdrawn from it two years ago. The capital from Binance will allow withdrawals and interest payments to recommence on GOPAX. This will provide a much-needed boost to the South Korean crypto market, which has been struggling in recent months.
Binance CEO Changpeng Zhao said, “We are delighted to be re-entering the South Korean crypto market with the acquisition of GOPAX. We believe that this investment will help to revive the South Korean crypto market and provide much-needed liquidity to the market. We are committed to supporting the growth of the South Korean crypto market and look forward to working with GOPAX to achieve this.”
The acquisition of GOPAX is part of Binance’s larger strategy to expand its presence in the global crypto market. Binance has already made investments in several other crypto exchanges, including WazirX in India and Bithumb in South Korea. Binance is also planning to launch its own decentralized exchange, Binance DEX, in the near future.
Overall, the acquisition of GOPAX is a positive development for the South Korean crypto market. It will provide much-needed liquidity to the market and will help to revive the market. Binance’s commitment to supporting the growth of the South Korean crypto market is a welcome sign and will help to ensure that the market continues to grow and develop in the future.