PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Binance invests in Korean De-fi Exchange

Steve Murphy by Steve Murphy
February 7, 2023
in Analysts Coverage, DeFi
0
DeFi, Binance

DeFi -Decentralized Finance on dark blue abstract polygonal background. Concept of blockchain, decentralized financial system.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

If you’re following the crypto winter, there’s some interesting news about Binance, the firm that played a key role in FTX’s collapse by pulling out of FTX’s currency back in November. According to BSC News, Binance has invested in GOPAX, a digital asset exchange headquartered in South Korea.

Although Binance’s headquarters remain somewhat of a mystery after Malta officials denied that the company is licensed there, it must be licensed to operate somewhere since it passed South Korean due diligence for a 41% minority purchase of GOPAX. Further details around terms are not available.

GOPAX had been seeking financing since the industry fallout after the FTX fiasco, which is ongoing, including criminal prosecutions. Binance had launched an Industry Recovery Initiative as well, trying to stem the partial collapse across the global spectrum of crypto exchanges. The initial fund was $1 billion, and was set up in November 2022. According to BSC News, Binance had operated in South Korea between 2019 and 2021, though it doesn’t suggest why that stopped.

Many will remember that the decline of FTX began with some reporting around its Alameda Research arm and potential issues with the FTT cryptocurrency (which was FTX’s own) and that insolvency was near. As more negative reports began to surface, Changpeng Zhao (CZ), the CEO of Binance, announced that the company would liquidate its entire holdings in FTT, which at the time was estimated around $580 million, just prior to the resulting crash. Binance had even then briefly announced that the company would buy FTX, but after some initial due diligence, the company quickly pulled the plug, resulting in FTX eventually filing for bankruptcy. 

As some of the fallout continues and lots of expected regulatory activity is being discussed, it seems that Binance is OK for now and cryptos are having somewhat of a rally. As the article states, Binance “positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume.”

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group.

Tags: BinanceDeFiDigital BankingDigital Payments
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023
    liquidity management

    Liquidity Management Takes on Increasing Importance in Uncertain Economic Times

    March 14, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Ekata complimentary report: