Binance Custody will take custody of Token WEMIX, Wemade's in-custody gaming platform

BlockBeats: On December 5th, South Korean gaming giant Wemade announced that this week it is partnering with Binance institutional Custody service Binance Custody to complete custody of its online gaming platform Token WEMIX. The WEMIX Foundation is working to store all foundation-owned WEMIX in a managed wallet to promote an asset management system centered on improved security and absolute transparency. Wemade, citing on-chain data, says the total supply of WEMIX, excluding destruction, is 1,037,346,971, with about 76.4% currently uncirculated. The total number of WEMIX in Custody through Binance Custody was 728,421,488.45, representing approximately 70% of the total supply and 92% of the non-circulating supply. The undistributed supply of WEMIX, which is partly tied to on-chain smart contracts and partly to non-tradable WEMIX owned by outside entities based on lock-ins and agreements with the Foundation, will not be included in the total escrooled volume. As previously reported by BlockBeats, on November 24, the Korea Federation of Digital Asset Exchanges (DAXA) decided to stop trading support for Token WEMIX, an online gaming platform owned by South Korean gaming giant WeMade, in order to protect investors. As a result, several South Korean exchanges, including Bithumb and Upbit, announced that they would remove WEMIX from their shelves. A Seoul court will review a preliminary injunction filed by game publisher Wemade to reverse the delisting of the company by South Korea's top five cryptocurrency exchanges.