Cryptocurrency exchange Binance invests in South Korean startup

Wednesday 15 January 2020 10:43 CET | News

Binance has taken a 500 million won (USD 432,000) stake in BxB, a Korean fintech company that launched a Korean won stablecoin in 2019.

Alongside the investment, the two companies have inked an agreement that will see BxB support Binance in operating a new support centre for local users of, the exchange’s international platform. The investment was made, not through the exchange's incubator arm Binance Labs, but directly from Binance, according to CoinDesk.

Binance has also publicly acknowledged for the first time its local entity, Binance, registered with Korean authorities in October 2019. The subsidiary will operate the new support centre in partnership with BxB, the report indicates.

A representative of Binance said it was ‘possible’ that BxB's KRWb stablecoin could be linked to Binance's BNB token, presumably to facilitate trading on Binance's platform.
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Keywords: cryptocurrency, Binance, investment, Korea, stablecoin
Categories: DeFi & Crypto & Web3
Countries: Korea, Democratic People's Republic of
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DeFi & Crypto & Web3