Binance Invests in South Korean Cryptocurrency Exchange GOPAX Through Its Industry Recovery Initiative.
Binance, the world’s leading provider of blockchain ecosystem and crypto asset infrastructure, announced the completion of its investment in South Korea’s leading crypto asset trading platform GOPAX through the Industry Recovery Initiative (IRI) . GOPAX has the license to provide users with the service of exchanging legal currency for encrypted assets.
In November 2022, due to the upstream challenges encountered by Genesis Global Capital, LLC, GOPAX terminated the debt service and withdrawal of its decentralized finance (DeFi) service GOFi. Since then, GOPAX has been in close communication with local regulators and industry partners in an effort to secure funds from affected users through fundraising.
Binance highly recognizes GOPAX’s commitment to users, and is willing to join hands with it to create a sustainable and responsible industrial environment for crypto asset investment and trading in South Korea, so as to achieve the common goal of improving user protection standards. As part of this investment, Binance will fund GOPAX to fully guarantee any potential withdrawal requests by GoFi users for all collateralized deposits, including interest.
In addition, Binance will work closely with GOPAX to promote user education and blockchain adoption through the Binance Academy. Binance Academy is an open blockchain and crypto asset learning portal that provides users with relevant learning resources for free. At the same time, Binance is committed to cooperating with Korean regulators and virtual asset stakeholders to jointly explore ways for Binance to use its technology and liquidity to support the development of the local crypto asset ecosystem.
Binance launched an industry revival plan at the end of 2022. The Industry Revival Program supports industry players who have been negatively impacted by market forces, thereby providing a co-investment opportunity for organizations interested in contributing to the future of Web3. Organizations must be committed to innovation and long-term value creation, have a clear and viable business model, and focus on risk management. In addition to financial support, the Industry Recovery Program also provides recipients with a comprehensive support plan to help them grow stronger.