Gopax to Receive Liquidity Supply from Binance

[Asia Economy Reporter Lee Gwan-ju] Gopax, one of the top five Korean won exchanges in South Korea, will receive liquidity from Binance, the world's largest cryptocurrency exchange.

On the 3rd, Gopax announced, "To quickly resolve the withdrawal delays of Gopay caused by the withdrawal suspension of Genesis Global Capital (LLC) and to protect investors, we signed a Letter Of Intent including liquidity provision with Binance on November 23 last year," adding, "Since then, after various consultations and necessary procedures, the contract was finalized on the 2nd."

The investment is in the form of Binance’s Industry Recovery Initiative (IRI) being supplied to Gopax. The investment funds will be used to withdraw deposited assets, including interest for Gopay product customers.

Gopax announced last November that payments of principal and interest for the Gopay product were delayed due to the service suspension of Genesis, a U.S.-based cryptocurrency lending company. Gopay is a product where users deposit their held cryptocurrencies and receive interest on them. Since then, Gopax has been pursuing investment attraction from global blockchain infrastructure companies aiming to normalize the Gopay service.