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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.

May 6, 2021 at 1:00 p.m. UTC
Updated Sep 14, 2021 at 12:51 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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