Wemade's Jang Hyun-guk: "No Possibility of WEMIX Delisting... Will Improve Disclosure System"

Regarding Listing on Major Overseas Exchanges, "Now Possible"
Received 66 Billion KRW Investment from Microsoft, "Many Things to Do Together"

Jang Hyun-guk, CEO of Wemade, is being interviewed on the 3rd at Wemade headquarters in Seongnam, Gyeonggi Province. / Seongnam = Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kang Nahum] Jang Hyun-guk, CEO of Wemade, dismissed the possibility of delisting the cryptocurrency WEMIX issued by his company. Regarding the increase in WEMIX circulation, which was the reason for its designation as an investment caution item, CEO Jang stated that instead of short-term stopgap measures like 'buyback,' they will improve through establishing a disclosure system and strengthening communication with exchanges.

At an online press conference held on the 2nd, CEO Jang said, "I see no possibility of delisting," adding, "We are currently communicating with exchanges and DAXA, the association of exchanges, and sufficiently explaining the questions they raise."

Earlier, on the 27th of last month, domestic cryptocurrency exchanges belonging to the Digital Asset Exchange Association (DAXA), including Upbit, Bithumb, Coinone, and Korbit, designated WEMIX as an investment caution item due to discrepancies between the expected and actual circulation volumes and the lack of clear disclosure of trading volumes. Following the designation, WEMIX, which was trading around 2,500 KRW, sharply dropped to around 1,700 KRW but has since rebounded to trade around 2,200 KRW.

CEO Jang said, "DAXA's primary responsibility is to protect good-faith investors," adding, "From that perspective, it is hard to imagine WEMIX being delisted."

He also stated that the discrepancy between the actual circulation volume of WEMIX and the volume reported by exchanges, which led to the investment caution designation, will be resolved through improved disclosures. He said, "I believe there must be appropriate countermeasures. Since it was a problem of disclosure and not fully following market rules, improving this is important." He continued, "While a buyback might be a temporary fix, we need to think beyond that. Without solving the problem, neither the company nor the ecosystem can grow. Solving this is essential to building competitiveness."

He added, "We will follow the rules set by exchanges and further improve the disclosure system," and "To increase the reliability of WEMIX supply, we are selecting a custody (virtual asset trust) company."

CEO Jang also expressed efforts to expand the WEMIX ecosystem and ecosystem system. He said, "Due to various external factors such as the global financial crisis, the business did not progress as quickly as market expectations, but we launched the WEMIX mainnet and established stability through WEMIX Dollar," adding, "If the ecosystem grows as we want, I believe the economic effects will follow." He further stated, "Growing the system is important, and it will take time to achieve results. Investments are being made one by one."

Regarding the listing of WEMIX on major overseas exchanges such as Binance and Coinbase, CEO Jang gave a positive outlook. He said, "The reason WEMIX was not listed on major overseas exchanges was because it did not have its own mainnet. With the launch of WEMIX 3.0 on October 20, we now have a mainnet, and if we meet the listing conditions desired by major exchanges, listing will be possible."

Regarding the recent announcement of a total investment of 66 billion KRW from Microsoft and others just before the press conference, CEO Jang explained, "Recently, Microsoft is focusing its business on cloud services. Technologically, it pursues blockchain platforms, and economically, global digital economy platforms, so there are many areas for economic and technological cooperation with Microsoft."

This content was produced with the assistance of AI translation services.