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South Korean Crypto Exchange Streami has received direct funding from venture capital firm DCG. The firm behind some of the biggest companies in blockchain technology has become the second-largest shareholder of Streami, the company behind the popular GOPAX exchange.
Streami Accept Direct-Funding from DCG
Barry Silbert, founder, and CEO of Digital Currency Group explained 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 investment circumscribes a regional partnership between Streami and Digital Currency Group. Streami’s GOFi, a crypto-backed savings product, already has over $600 million in user accounts.
However, the terms of the agreement weren’t disclosed by the company. Also, it was confirmed that Digital Currency Group has become a major stakeholder. Digital Currency Group is the initial Streami investor.
Front the latest, the Digital Currency Group, has recently announced that.
“It is authorized to purchase up to $750 million worth of shares of Grayscale Bitcoin Trust.”
The company had also declared its plans to increase GBTC share purchases last month.
Prominent Cryptocurrency Foundation of South Korea
Established in 2015, Streami is one of the most noteworthy cryptocurrency foundations of South Korea. It operates a local cryptocurrency exchange GOPAX, which is presently at 66th ranking in trade volumes. According to the statistics, GOPAX’s 24-hour trading volumes were valued at $146 million as of Wednesday.
Talking about GOPAX, then it was the first cryptocurrency exchange to acquire the ISO/IEC 27001 certification and the K-ISMS certification, both in 2017. The aim to get certified is to become a registered Virtual Asset Service Provider in South Korea.
South Korea holds one of the most active cryptocurrency markets in Asia. having the most inflexible regulations on cryptocurrencies, it is said to be home to a vibrant crypto scene.