DCG took part in Streami’s Pre-Series A round in 2016
South Korean blockchain company Streami Inc. announced today that the Digital Currency Group (DCG) has made a strategic investment in the company, making it its second largest stakeholder. Streami operates GOPAX, Korea’s leading crypto exchange. The investment includes an exclusive regional partnership between Streami and Genesis, the industry’s largest digital asset lender and a DCG subsidiary that offers savings products. Streami was founded in 2015 to improve the cryptocurrency market infrastructure in South Korea.
Junhaeng Lee, Co-Founder and CEO of Streami, said: “After observing the Bitfinex hack and China crackdown on cryptocurrencies in 2016, we decided to build the reliable cryptocurrency market infrastructure that South Korea needed, starting with an exchange.” Streami’s seed capital round was led by Shinhan, one of South Korea’s largest commercial banks.
Since its introduction in November 2017, GOPAX has developed into the market leader for compliance and security. It was the world’s first cryptocurrency exchange to receive ISO / IEC 27001 certification and K-ISMS certification. This is a key criterion to become a Virtual Asset Service Provider (VASP) registered in South Korea. GOFi, a GOPAX cryptocurrency savings product, launched in December 2020 and already has the most user deposits in the region of more than $ 600 million.
When state regulators took legal action to punish unscrupulous market participants in 2018, Streami led a coalition of crypto companies, investors and technologists to persuade the government to enact sensible regulations instead of direct bans.
Streami was the only crypto company to receive an official award from the Ministry of Science and ICT in 2020, thus enabling greater mass acceptance of cryptocurrencies in South Korea.
Barry Silbert, the Founder and CEO of DCG, said: “We expanded our investment in Streami because of their fantastic team and the incredible potential of the digital asset market in South Korea. Streami provides the critical foundation for this market to scale rapidly, and our investment will strengthen its position as the most trusted digital asset platform in Korea. “