GOPAX Collaborates with Jeonbuk Bank for New Deposit Utilization Product

IconCryptoNewsTerminal Staff18 Jul, 2024

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GOPAX Collaborates with Jeonbuk Bank for New Deposit Utilization Product

GOPAX, a South Korean virtual asset exchange, has partnered with Jeonbuk Bank to launch a new customer deposit utilization product in compliance with the Act on Reporting and Use of Specific Financial Information. Under this service, 60% of customer deposits, as recorded at midnight on the previous day, will be utilized. The deposit ratio cannot be adjusted during weekends, public holidays, or substitute holidays. The annual deposit utilization rate is set at 1.3% (before tax), and the fee is applied from the following day after the won point is generated in the GOPAX user's account. This collaboration marks a significant step towards the integration of virtual asset exchanges into the traditional banking system, enhancing the accessibility and security of digital asset management.

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