Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has invested in GOPAX, a leading South Korean cryptocurrency exchange licensed to provide fiat-to-crypto services to customers, in the as part of its Industry Recovery Initiative (IRI).
In a statement, Binance said it recognizes GOPAX’s commitment to its users and shares its goal of raising user protection standards by fostering a sustainable and responsible environment for cryptocurrency investment and trading. South Korea.
As part of this transaction, Binance will inject capital into GOPAX with the aim of fully securing all withdrawal requests from potential GoFi users against all staked deposits, including interest.
Binance will also work closely with GOPAX to improve user education and blockchain awareness through Binance Academy, an open-access blockchain and crypto learning portal that provides free educational resources to users.
Binance is committed to working with South Korean regulators and virtual asset players to explore how Binance can leverage its technology and liquidity to support the local ecosystem.
In November 2022, GOPAX halted the withdrawal of principal and interest payments in its decentralized finance (DeFi) service GoFi due to upstream challenges faced by Genesis Global Capital, LLC.
Since then, GOPAX has worked closely with local regulators and industry partners to raise funds to make affected users whole.
“Binance has a responsibility to protect our users, as well as our industry. The Industry Recovery Initiative was created to support promising businesses that have been negatively impacted by the events of the past year,
“We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry,” said Changpeng “CZ” Zhao, Founder and CEO of Binance.
Launched in late 2022, the IRI is a co-investment opportunity for organizations wishing to contribute to the future of Web3 by supporting industry players negatively impacted by market forces.
Selected organizations must show a dedication to innovation and long-term value creation, have a clearly delineated and viable business model, and have a significant focus on risk management.
In addition to financial support, IRI also provides grantees with a comprehensive support plan to help them build a stronger organization.
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