According to a press release, BxB, a South Korean crypto-startup that launched a stablecoin backed by the Korean won – the KRWb -, received funding from Binance.
Although Binance does not specify the amount of the transaction, according to Crunchbase, the exchanger has invested 500,000,000 won, or around 390,000 euros, in BxB.
"We are constantly working with local partners in all regions to jointly achieve our common mission to foster the global adoption of cryptocurrency," said Changpeng Zhao, CEO and founder of Binance.
As part of this investment, the number 1 cryptocurrency exchange also entered into a agreement with the young shoot.
“We are currently developing future plans for the Korean market with BxB and hope to share more information about our collaboration soon, ”added Zhao.
Based in Seoul, BxB had already raised funds twice (amount not specified) in 2018. With its stable coin KRWb, the company aims to "contribute to a secure and stable growth of the digital asset industry by South Korea ".
“We are very happy to partner with Binance, ”Said BxB founder Jiho Kang.
Recently, Binance has made several investments (and acquisitions) in international crypto-startups. Founded in China and now based in Malta and Singapore, the company notably bought the Indian stock exchange WazirX and invested in the American derivatives platform FTX.
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