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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.

By Jamie Crawley
AccessTimeIconMay 6, 2021 at 1:00 p.m. UTC
Updated Sep 14, 2021 at 12:51 p.m. UTC
Seoul, South Korea

Seoul, South Korea

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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.

  • 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.

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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.

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