Gopax Reports Reduced Net Loss of $37 Million After Binance Acquisition
Gopax, a prominent South Korean cryptocurrency exchange backed by Binance, disclosed a net loss of 51.3 billion Korean won ($37 million) for the fiscal year 2023, as reported in the year-end financial statement released by its parent company, Streamy.
This figure is an improvement compared to the net loss of 90.6 billion won in 2022. Gopax’s revenue grew 97% year over year amid recovering market sentiment.
On April 12, GOPAX released a financial statement that comprises its balance sheets as of December 31, 2023, and December 31, 2022. The balance sheets comprise the related statements of profit or loss, changes in equity, and cash flows for the years that ended.
GOPAX reported a net loss of 51.3 billion Korean won ($37 million) for the fiscal year 2023. As of the end of the reporting period, the company’s current liabilities exceeded its current assets by KRW 66 billion, and total liabilities exceeded total assets by KRW 101 billion.
Most of Gopax’s net losses stemmed from GoFi-linked debt, from deposits stuck in Genesis Global Capital. Genesis, which operated Gopax’s crypto custody service GoFi, suspended withdrawals in November 2022 due to a liquidity crisis associated with its involvement with FTX. According to the financial report, GoFi still owes users 63.7 billion won.
Despite the continued net losses, Gopax exhibited favorable year-over-year performances in 2023. The exchange reported a significant increase in revenue, which surged by 97% to reach 3.1 billion won. Furthermore, the net operating loss decreased substantially, contracting 78% to approximately 17 billion won.
The resurgence of bullish sentiment in the South Korean cryptocurrency market propelled Gopax’s enhanced financial results in 2023.
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