JAKARTA - Binance announced its investment in GOPAX, a leading crypto exchange in South Korea, to provide fiat-to-crypto services to customers, as part of the Industry Recovery Initiative (IRI).
According to his statement, this investment was made when GOPAX was included in the list of creditors of the Genesis crypto lender which is currently bankrupt.
In November 2022, GOPAX stopped withdrawing principal and interest payments in GoFi decentralized financial services (DeFi) as a consequence of the upstream challenges experienced by Genesis Global Capital, LLC.
#Binance has invested in South Korea-based GOPAX exchange using our Industry Recovery Initiative.
We are joining forces to protect our users and make sure we offer a responsible environment for cryptocurrency investments in the country.
— CZ 🔶 Binance (@cz_binance) February 3, 2023
Since then, GOPAX has been working closely with local regulators and industry partners in an effort to raise funds to get affected users to recover.
As part of this transaction, Binance will inject capital into GOPAX to fully secure each withdrawal request of prospective GoFi users against all staked deposits, including interest.
Binance will also work closely with GOPAX to increase user education and awareness regarding blockchain technology through the Binance Academy.
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Additionally, Binance is committed to collaborating with South Korean regulators and other virtual asset stakeholders to explore how Binance can leverage its technology and liquidity to support the local ecosystem.
"Binance has a responsibility to protect our users, as well as our industry. The Industrial Recovery Initiative was created to support promising companies that were negatively impacted by last year's events. We hope that taking this step with GOPAX will further rebuild the Korean industry," said Changpeng. "CZ" Zhao, founder and CEO of Binance.
For your information, IRI is a co-investment opportunity for organizations looking to contribute to the future of Web3 by supporting industry players who have been negatively impacted by market forces.
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