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Finance

Binance to Launch Korean Support Center Following Investment in Local Startup

Binance has made its first direct investment in a South Korean startup as part of a deal to launch a support center in the country.

By Daniel Palmer
AccessTimeIconJan 14, 2020 at 3:30 p.m. UTC
Updated May 9, 2023 at 3:05 a.m. UTC
Binance CEO Changpeng "CZ" Zhao
Binance CEO Changpeng "CZ" Zhao

Cryptocurrency exchange Binance has made its first direct investment in a South Korean startup.

According to an exclusive report by CoinDesk Korea, Binance has taken a 500 million won ($432,000) stake in BxB, a Korean fintech firm that launched a Korean won stablecoin last year.

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    • Alongside the investment, the two firms have inked an agreement that will see BxB support Binance in operating a new support center for local users of Binance.com, the exchange's international platform.

    The investment was made, not through the exchange's incubator arm Binance Labs, but directly from Binance, according to the report. Binance Labs has previously invested in local firm Terra.

    “We are continuously working with local partners across regions to jointly realize our shared mission in furthering cryptocurrency adoption globally. This investment is another step forward in exploring avenues of growth in Korea, which is an industry-leading market strongly positioned to stimulate blockchain innovation throughout Asia.” Binance CEO Changpeng "CZ" Zhao said.

    Binance has also publicly acknowledged for the first time its local entity, Binance Co. Ltd., registered with Korean authorities in October 2019. The subsidiary will operate the new support center in partnership with BxB, the report indicates.

    Going forward, Binance has bigger plans for its Korean firm, too.

    "Binance is currently developing a future plan for the Korean market with BxB," CZ said. "We are reviewing what kind of business Binance Co., Ltd. will carry out in Korea, in addition to operating the customer support center."

    One scenario raised by a representative of Binance Co. Ltd. was that it's "possible" that BxB's KRWb stablecoin could be linked to Binance's BNB token, presumably to facilitate trading on Binance's platform. While it's recently added a raft of new fiat currency payment options, the exchange doesn't yet have a Korean won gateway.

    BxB was previously linked to Binance when it set up another Korean entity, Binance LLC, last July. BxB's Jiho Kang was listed as director at the time.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.