The South Korean gaming giant WeMade has achieved a significant milestone by securing a new domestic cryptocurrency exchange listing for its WEMIX coin. The Gopax exchange recently started trading in WEMIX pairs, marking a triumphant moment for WeMade.
In November last year, controversy surrounded the WEMIX coin and its issuer. A self-regulating committee called the Digital Asset Exchange Alliance (DAXA), consisting of prominent exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax, unilaterally delisted the token. The committee was formed in response to government pressure to address concerns about listing and delisting decisions being made arbitrarily by individual exchanges.
The Committee’s Actions
“The committee, officially known as the Digital Asset Exchange Alliance (DAXA), consists of the market-leading exchange Upbit, as well as rivals Bithumb, Coinone, Korbit, and Gopax. It launched in mid-2022 in response to government pressure, and in the wake of the Terra/LUNC “crisis” of May the same year.”
Following the delisting, WeMade faced challenges but managed to secure overseas listings for WEMIX. The game maker vehemently disputed the claims made by DAXA regarding the discrepancy between the number of WEMIX coins in circulation and the number disclosed by the firm.
Despite the setbacks, WeMade’s fortunes began to change in February of this year when Coinone decided to relist WEMIX. This move resulted in a surge in prices, giving hope to WeMade that other major trading platforms like Upbit and Bithumb, the nation’s largest, would follow suit.
Positive Impact on WeMade’s Share Prices
The news of Gopax’s decision to list WEMIX had a positive impact on WeMade’s share prices. Following the official announcement, WeMade’s Korea Exchange share prices rose by nearly 23%. Additionally, the company’s affiliate firms listed on the Korea Exchange also experienced share price increases of around 23%.
“WeMade will hope Gopax’s decision can help sway Upbit and Bithumb, the nation’s largest trading platforms.”
Although WEMIX saw more modest price climbs, briefly reaching the $2 mark, its all-time high of just under $25 was reached in late 2021. However, prices fell shortly after and have remained relatively stagnant since 2022.
WeMade, known for its popular Legend of Mir MMORPG series, has been striving to establish itself as a significant player in East Asian blockchain gaming in recent years.
