Korbit, a prominent fiat-to-cryptocurrency exchange situated in South Korea, has opted to reintroduce WEMIX, a cryptocurrency issued by the blockchain gaming entity Wemade.
This move by Korbit mirrors the decisions made by its local counterparts, Coinone and Gopax, who have also recently reinstated WEMIX. The WEMIX token serves various purposes, such as covering transaction fees, participating in staking activities, and voting on governance proposals.
Commencing from 1:00 a.m. UTC on December 7, Korbit users have gained the capability to establish a WEMIX wallet and deposit the token on the exchange. The facilitation of trading and withdrawals for WEMIX will be activated at 3:00 p.m. UTC on the same day.
WEMIX Relisted After Addressing Trust Concerns and Network Specifications
Notably, Korbit expressly stipulates that WEMIX deposits must originate from the Wemix network exclusively. Deposits from other blockchain networks, including BNB Beacon Chain, Ethereum, and Klaytn, may undergo improper processing, carrying the inherent risk of irretrievability.
This decision by Korbit signifies a notable reversal. It contrasts with the stance over a year ago when the Digital Asset eXchange Alliance (DAXA), consisting of Upbit, Bithumb, Coinone, Korbit, and Gopax, jointly decided to delist WEMIX across all platforms.
The initial decision was driven by various concerns. These included the unreliable disclosure of circulating supply, the provision of insufficient and misleading information to investors, and inconsistencies in the data provided during the explanation period. These factors collectively resulted in a loss of trust in the company.
Korbit’s current stance is rooted in the belief that the previously identified issues with WEMIX have been effectively addressed. The exchange acknowledges a reduction in the circulating supply of WEMIX to a level consistent with the schedule submitted to DAXA.
Korbit Commends Transparency and Trust Restoration in Blockchain Gaming
The launch of the WEMIX mainnet rectified discrepancies in circulating supply displayed on platforms like CoinMarketCap. Additionally, collateral deposited by Wemade in the DeFi protocol Kokoa Finance has been successfully recovered.
Furthermore, Korbit asserts that Wemade has rectified the problem of providing misleading information to investors by making corrections to its third-quarter earnings report. In addressing data inaccuracies, Korbit highlights Wemade’s commitment to transparency.
This involves live-updating circulating supply information on its official blog. Additionally, Wemade has entrusted the management of non-circulating WEMIX supply to Ceffu, the exclusive institutional custodian for Binance.
Amid these developments, Korbit underscores its commitment to adhere to voluntary regulations. The exchange also reaffirms its dedication to following common listing guidelines set among DAXA members. This commitment gains significance in light of Gopax’s recent three-month suspension of voting rights within DAXA following the relisting of WEMIX.