Digital Currency Group, the venture capital firm behind some of the biggest companies in blockchain, has become the second-largest shareholder of Streami, a leading cryptocurrency exchange operator in South Korea. 

배리 실버버트, founder and CEO of Digital Currency Group, explained his rationale for backing Streami:

“우리는 Streami의 환상적인 팀과 한국 디지털 자산 시장의 놀라운 잠재력 때문에 Streami에 대한 투자를 확대했습니다. Streami는 이 시장이 빠르게 확장될 수 있는 중요한 기반을 제공하며, 우리의 투자는 한국에서 가장 신뢰받는 디지털 자산 플랫폼으로서의 입지를 더욱 강화할 것입니다.”

The investment includes a regional partnership between Streami and Digital Currency Group subsidiary Genesis centered around fixed-term savings products. Streami’s crypto-backed savings product, GOFi, already has over $600 million in user deposits.

The terms of the agreement weren’t disclosed by either company, although it was confirmed that Digital Currency Group has become a major stakeholder. Digital Currency Group was among Streami’s earliest investors, having participated in the company’s pre-Series A investment round in 2016. 

Established in 2015, Streami has become one of the most prominent cryptocurrency infrastructure companies in South Korea. The company operates GOPAX, a local cryptocurrency exchange that currently 순위 66th in terms of trade volumes, according to CoinGecko. GOPAX’s 24-hour trading volumes were valued at $146 million as of Wednesday.

Perhaps most notably, GOPAX was the first cryptocurrency exchange to acquire the ISO/IEC 27001 certification and the K-ISMS certification, both in 2017, to become a registered Virtual Asset Service Provider in South Korea.

Although South Korea is regarded as one of the most active cryptocurrency markets in Asia, it also has some of the most stringent regulations. Nevertheless, the country is home to a vibrant cryptocurrency scene, as evidenced by regulators’ recent decision to greenlight a digital asset-focused fund 처음으로.

As for Digital Currency Group, the venture capital firm recently announced that it is authorized to purchase up to $750 million worth of shares of Grayscale Bitcoin Trust, which is operated by its wholly owned investment manager Grayscale. The company had announced plans to up its purchases of GBTC shares back in March.

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Source: https://cointelegraph.com/news/digital-currency-group-backs-south-korean-crypto-exchange-operator