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Digital Currency Group Invests in South Korean Crypto Exchange
DCG has become the second-largest shareholder in blockchain company Streami, operator of crypto exchange Gopax.
Updated Sep 14, 2021, 12:51 p.m. Published May 6, 2021, 1:00 p.m.
Digital Currency Group (DCG) has made a strategic investment in a South Korean crypto exchange, despite the possibility of tighter regulations of crypto exchanges in the country.
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- The crypto-focused venture capital company, also the parent company of CoinDesk, is now the second-largest shareholder in blockchain company Streami, according to an emailed announcement Thursday.
- The amount of the investment wasn't disclosed.
- Streami is the operator of crypto exchange Gopax, which has a 24-hour trading volume of about $115 million, according to CoinMarketCap data.
- The investment suggests DCG is not concerned that Gopax will be hurt by the country’s increased scrutiny of the crypto industry.
- Exchanges in the country have until Sept. 24 to register as virtual asset service providers (VASPs), allowing the state to determine the legality of a company’s operations as regulators crack down on money laundering and fraud.
- The head of the Financial Services Commission, South Korea’s regulator, suggested in April that all crypto exchanges in the country could be shut in September because no exchanges had registered.
- The investment deal also sets up a partnership between Streami and Genesis, a digital-asset lender and DCG subsidiary, that will see Gopax harness Genesis’ liquidity pool to offer savings products.
- In December, Gopax launched its savings product Gofi, which has $600 million in deposits.
See also: Taxing Crypto Trading Gains ‘Inevitable,’ Says South Korea Finance Minister: Report
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