Global cryptocurrency exchange and blockchain ecosystem, Binance, today announced its partnership and investment in BxB, the fintech company behind the first South Korean won (KRW) backed stablecoin, ‘KRWb.’
Following the company’s recent registration of Binance Ltd. and ongoing efforts in formulating local entities in various countries, this partnership accompanies its long-term plans to further access to cryptocurrency globally and increase the freedom of money.
“We are continuously working with local partners across regions to jointly realize our shared mission in furthering cryptocurrency adoption globally,” said CZ (Changpeng Zhao), Binance CEO. “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.”
Details of the partnership will be announced at a later date as development plans with BxB remain underway.
CZ continued, “We are currently developing future plans for the Korean market with BxB and hope to share more developments from our partnership soon.”
"BxB’s focus has always been to contribute safe and stable industry growth in Korea as a locally rooted company,” said Jiho Kang, Co-Founder of BxB. “We are very excited to partner with Binance and looking forward to providing a service that’s both meaningful and useful to our communities and the Korean market while ensuring proper diligence from the formulation of the business and full regulatory compliance.”
This announcement also follows the recent news of Binance joining Kakao’s Klaytn Governance Council to foster the growth of the global blockchain ecosystem as well as the blockchain industry in Korea.