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Digital Currency Group backs South Korean crypto exchange operator

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Digital Currency Group, the enterprise capital agency behind among the largest corporations in blockchain, has turn into the second-largest shareholder of Streami, a number one cryptocurrency exchange operator in South Korea. 

Barry Silbert, founder and CEO of Digital Currency Group, defined his rationale for backing Streami:

“We expanded our investment in Streami because of their fantastic team and the incredible potential of the digital asset market in South Korea. 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.”

The funding features a regional partnership between Streami and Digital Currency Group subsidiary Genesis centered round fixed-term financial savings merchandise. Streami’s crypto-backed financial savings product, GOFi, already has over $600 million in person deposits.

The phrases of the settlement weren’t disclosed by both firm, though it was confirmed that Digital Currency Group has turn into a serious stakeholder. Digital Currency Group was amongst Streami’s earliest buyers, having participated within the firm’s pre-Sequence A funding spherical in 2016. 

Established in 2015, Streami has turn into one of the outstanding cryptocurrency infrastructure corporations in South Korea. The corporate operates GOPAX, a neighborhood cryptocurrency exchange that at the moment ranks 66th by way of commerce volumes, based on CoinGecko. GOPAX’s 24-hour buying and selling volumes have been valued at $146 million as of Wednesday.

Maybe most notably, GOPAX was the primary cryptocurrency exchange to accumulate the ISO/IEC 27001 certification and the Okay-ISMS certification, each in 2017, to turn into a registered Digital Asset Service Supplier in South Korea.

Though South Korea is considered one of the lively cryptocurrency markets in Asia, it additionally has among the most stringent laws. Nonetheless, the nation is residence to a vibrant cryptocurrency scene, as evidenced by regulators’ current choice to greenlight a digital asset-focused fund for the primary time.

As for Digital Currency Group, the enterprise capital agency not too long ago introduced that it’s approved to buy as much as $750 million value of shares of Grayscale Bitcoin Belief, which is operated by its wholly owned funding supervisor Grayscale. The corporate had introduced plans to up its purchases of GBTC shares again in March.

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