Global cryptocurrency exchange Binance announced on Jan. 16 that it has invested in Korean startup BXB to enter the Korean cryptocurrency market.
BXB is a startup that issues stablecoins. A stablecoin is a new class of cryptocurrency backed by a reserve asset to offer price stability.
"We are currently discussing specific ways to cooperate with BXB," Binance said. "We are drawing up a long-term plan to lead the Korean cryptocurrency market." Binance is currently running exchanges in Malta, Uganda, British Jersey, Singapore and the United States.
BXB said it will help Binance enter the Korean cryptocurrency market and run business stably.
In October last year, Binance joined Kakao blockchain Klaytn as an operating partner and has since been engaging in business with Korean blockchain companies.