Crypto exchange giant Binance has made an investment in a South Korea-based startup and is preparing to launch a support center in the country.
As reported by CoinDesk Korea, the exchange has taken a stake of 500 million won ($432,000) in BxB, the fintech firm that launched the Korean won (KRW) back in 2019. Aside from the investment, an agreement was signed that BxB is going to support Binance to operate a brand-new support center for its South Korean Binance.com users.
The Investment Came Straight from Binance
Contrary to expectations, the investment wasn’t made through Binance Labs, which is Binance’s incubator arm. It came straight from the company, even if Binance Labs had previously made an investment in the South Korean firm Tera. This is what Binance’s CEO, Changpeng “CZ” Zhao, had to say about the new partnership:
“We are continuously working with local partners across regions to jointly realize our shared mission in furthering cryptocurrency adoption globally. This investment is another step forward in exploring avenues of growth in Korea, which is an industry-leading market strongly positioned to stimulate blockchain innovation throughout Asia.”
Binance Co. Ltd. Registered with Korean Authorities
Back in October last year, Binance publicly made an acknowledgment of its South Korean entity Binance Co. Ltd., which is registered with local authorities. This subsidiary is going to operate the support center together with BxB, not to mention Binance has even bigger and more plans for it. CZ said,
“Binance is currently developing a future plan for the Korean market with BxB. We are reviewing what kind of business Binance Co., Ltd. will carry out in Korea, in addition to operating the customer support center.”
KRW and BNB To Be Linked?
One of Binance Co. Ltd.’s representatives says it’s possible for the KRW stablecoin launched by BxB to link with the BNB token from Binance so that trading on the exchange’s platform to be made easier, seeing it doesn’t have a gateway for the Koran won yet. Binance and BxB collaborated in July last year too, when Binance set up another entity in South Korea.