Digital Foreign money Group, the enterprise capital agency behind among the greatest firms in blockchain, has change into the second-largest shareh
Digital Foreign money Group, the enterprise capital agency behind among the greatest firms in blockchain, has change into the second-largest shareholder of Streami, a number one cryptocurrency alternate operator in South Korea.
Barry Silbert, founder and CEO of Digital Foreign money Group, defined his rationale for backing Streami:
“We expanded our funding in Streami due to their implausible crew and the unbelievable potential of the digital asset market in South Korea. Streami gives the vital basis for this market to scale quickly, and our funding will gas its place as essentially the most trusted digital asset platform in Korea.”
The funding features a regional partnership between Streami and Digital Foreign money Group subsidiary Genesis centered round fixed-term financial savings merchandise. Streami’s crypto-backed financial savings product, GOFi, already has over $600 million in consumer deposits.
The phrases of the settlement weren’t disclosed by both firm, though it was confirmed that Digital Foreign money Group has change into a significant stakeholder. Digital Foreign money Group was amongst Streami’s earliest traders, having participated within the firm’s pre-series A funding spherical in 2016.
Established in 2015, Streami has change into one of the crucial distinguished cryptocurrency infrastructure firms in South Korea. The corporate operates GOPAX, an area cryptocurrency alternate that at the moment ranks 66th by way of commerce volumes, in accordance with Coingecko. GOPAX 24-hour commerce volumes had been valued at $146 million as of Wednesda.
Maybe most notably, GOPAX was the primary cryptocurrency alternate to amass the ISO/IEC 27001 certification and the Ok-ISMS certification, each in 2017, to change into a registered Digital Asset Companies Supplier in South Korea.
Though South Korea is considered one of the crucial lively cryptocurrency markets in Asia, it additionally has among the most stringent rules. Nonetheless, the nation is house to a vibrant cryptocurrency scene, as evidenced by regulators’ latest resolution to greenlight a digital asset-focused fund for the primary time.
As for Digital Foreign money Group, the enterprise capital agency not too long ago introduced that it’s licensed to buy as much as $750 million price of shares of Grayscale Bitcoin Belief, or GBTC, which is operated by its wholly-owned funding supervisor Grayscale. The corporate had introduced plans to up its purchases of GBTC shares again in March.