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Digital Forex Neighborhood Makes Strategic Investment in South Korean Cryptocurrency Alternate Operator Streami

DCG previously participated in Streami’s pre-series A round in 2016

South Korean blockchain company Streami Inc. has at the present time introduced that Digital Forex Neighborhood (DCG) has made a strategic investment in the company, changing into its second-most involving stakeholder. Streami operates GOPAX, Korea’s leading crypto replace. The investment includes an exceptional regional partnership between Streami and Genesis, the enterprise’s most involving digital asset lender and a DCG subsidiary to give financial savings merchandise. Streami become once essentially based in 2015 to give a pick to the cryptocurrency market infrastructure in South Korea.

Streami co-founder and CEO Junhaeng Lee acknowledged: “After observing the Bitfinex hack and China’s cryptocurrency crackdown in 2016, we determined to scheme the respectable cryptocurrency market infrastructure that South Korea famous, starting with an replace.” Streami’s seed funding round become once led by Shinhan, one in all South Korea’s most involving commercial banks.

Since its open in November 2017, GOPAX has change into the market chief in compliance and security. It become once the first cryptocurrency replace on this planet to assemble the ISO/IEC 27001 certification and the Okay-ISMS certification, which is a key requirements to alter into a South Korean registered Virtual Asset Provider Provider (VASP). Launched in December 2020, GOFi, a GOPAX cryptocurrency financial savings product, already has basically the most individual deposits in the position exceeding $600M.

Furthermore, in 2018, when authorities regulators took apt movement to punish unscrupulous market participants, Streami led a coalition of crypto corporations, traders, and technologists that persuaded the authorities to adopt shining guidelines rather then outright bans.

In setting the fashioned on compliance and security, Streami grew to alter into the ideal crypto company to be awarded an legit commendation from the Ministry of Science and ICT in 2020 and has enabled elevated mass adoption of cryptocurrencies in South Korea.

Barry Silbert, the Founder and CEO of DCG, acknowledged: “We expanded our investment in Streami thanks to their wonderful crew and the wonderful capacity of the digital asset market in South Korea. Streami offers the intense basis for this market to scale , and our investment will gas its station as basically the most depended on digital asset platform in Korea.”

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