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South Korean crypto exchange operator gets investment from Digital Currency Group

Digital Currency Group becomes the second-largest shareholder of South Korean crypto exchange operator Streami.

Seoul, South Korea / Image by: Wikimedia Commons

Mon, 10 May 2021, 08:45 am UTC

Streami Inc., the operator of the South Korean crypto exchange GOPAX, received a strategic investment from Digital Currency Group. With the deal, the New York-based DCG became the second-largest shareholder of the blockchain company.

A regional exclusive partnership between Digital Currency Group subsidiary Genesis and Streami was formed as part of the strategic investment, according to Businesswire. The partnership with Genesis, the world’s largest digital asset lender, is aimed at offering flexible and fixed-term savings products.

GOPAX launched GOFi, its crypto savings product in December 2020. Since its launch, GOFi already has $600 million in deposits. The product is expected to grow even further with the help of Genesis’ liquidity pool.

“We expanded our investment in Streami because of their fantastic team and the incredible potential of the digital asset market in South Korea,” Barry Silbert, the Founder and CEO of DCG, explained his company’s strategic investment into the South Korean firm. “Streami provides the critical foundation for this market to scale rapidly, and our investment will fuel its position as the most trusted digital asset platform in Korea.”

Neither of the firms disclosed the terms of the agreement, according to Cointelegraph. What is known at the moment is that DCG’s investment also made it a major shareholder. DCG also participated in Streami’s pre-Series A investment round in 2016.

Streami was established in 2015 with the aim of improving the country’s crypto market infrastructure. “After observing the Bitfinex hack and China's cryptocurrency crackdown in 2016, we decided to build the reliable cryptocurrency market infrastructure that South Korea needed, starting with an exchange,” Streami co-founder and CEO Junhaeng Lee said.

Two years later, Streami launched its crypto exchange business in November 2017. GOPAX earned the distinction of becoming the first crypto exchange in the world to obtain the ISO/IEC 27001 certification and the K-ISMS certification. The latter is a key criterion to become a registered Virtual Asset Service Provider (VASP) in South Korea.

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