On Thursday, May 6, leading South Korean cryptocurrency exchange operator Streami announced an investment from capital firm Digital Currency Group, making it Streami’s second-largest shareholder after the acquisition.
CEO of the Digital Currency Group Barry Silbert was interviewed by the crypto news site Cointelegraph to explain his decision of backing up 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,’ he stated.
As for Streami, co-founder Junhaeng Lee has this to say about the company’s goals:
‘After observing the Bitfinex hack and China’s cryptocurrency crackdown in 2016, we decided to build the reliable cryptocurrency market infrastructure that South Korea needed, starting with an exchange’.
The funding includes a regional collaboration between Streami and Genesis, a subsidiary of the Digital Currency Group that focuses on financial savings merchandise on a fixed term.
Additionally, Streami runs the exchange operations GOPAX that is known for its security and quality of service in the market. According to CoinGecko, a cryptocurrency site that publishes data on digital assets, Streami’s crypto exchange GOPAX sits at the 66th place in the market.
Moreover, as of last Wednesday, May 12, the exchange site’s 24-hour trading volumes have been valued at US$146 million.
Regarding the investment, Digital Currency Group is not concerned about how GOPAX might run in the future. Currently, GOPAX’s savings product GOFi now has US$600 million worth of user deposits despite South Korea’s strict regulations and monitoring on digital assets.
In 2018, Streami, alongside other crypto companies and investors, appealed to the government to adopt proper crypto regulations instead of banning the use of cryptocurrency in the country.
Nowadays, South Korea is known to be one of the most functional cryptocurrency markets in Asia despite the strict rules implemented by the government. The nation continues to promote and utilize cryptocurrencies as proven by the number of digital asset exchanges and blockchain companies in the country.
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