In order to spread its tentacles, Binance has acquired Gopax exchange, a South Korean crypto exchange.
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Binance Acquires Gopax Exchange
According to a report by Bloomberg, Binance crypto exchange has acquired the majority of stake in Gopax exchange, a south Korean-based cryptocurrency exchange.
About two years ago, the CZ crypto exchange left the South Korean market, and since then, it has been on its toes to re-enter the country. The recent deal is however a good chance for Binancs to realize this.
According to Binance, the deal to fund Gopax crypto exchange acquisition was from a finance-initiated investment project called the Industry Recovery Initiative (IRI), to which Binance pledged $1 billion.
The CEO of Binance, Changpeng Zhao noted in a statement that Binance is responsible for protecting both the entire crypto industry as well as crypto users. According to “CZ”;
“The Industry Recovery Initiative was created to support promising companies that were negatively impacted by the events of last year. We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry.”
Thus far, the worth of the deal is not yet disclosed, there was also an earlier report suggesting that Binance acquired 41% of the stake of Lee Jun-hang who owns a majority stake in the exchange.
Binance’s acquisition of the Gopax exchange comes months after the exchange froze withdrawals of certain assets on its platform as part of FTX contagion. Binance is looking to spend the new capital on the exchange to ensure customers can withdraw their funds.
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