Binance Custody to Safekeep Wemade’s WEMIX Cryptocurrency
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Distribution of WEMIX by Binance Custody
Wemade stated that WEMIX would be managed, and its distribution volume would be verified as early as next week by Binance Custody, the institutional custody service provided by Binance.
According to Wemade, Binance Custody will be in charge of managing about 70% of the entire supply of WEMIX, or 92% of the coin that is not currently in use. The other portions are either tied to external companies or smart contracts.
Wemade - Developer of MIR4 Game
Wemade, the developer of the well-known play-to-earn position game MIR4, has been battling the four biggest exchanges in South Korea. Upbit, Bithumb, Coinone, and Korbit are in court over the token's contentious distribution and have been working to increase the openness of that process.
Wemade's cryptocurrency will be removed from exchanges, according to a pledge made on November 24 by the four exchanges that comprise the local industry watchdog, the Digital Asset eXchange Alliance (DAXA), who cited incomplete reporting of circulation statistics.
Upbit - Biggest Exchange in the World
Following the announcement, the prices of WEMIX and the shares of the game developer's affiliates experienced steep declines as Wemade Chief Executive Officer Henry Chang criticized Upbit, the biggest exchange in the nation, for misusing its authority. Chang has acknowledged that his business claimed incorrect circulation figures.