NICE Information Service lowered digital asset custodian Bidax's corporate credit rating to CCC+ from B+ in June, citing fully eroded equity and concerns about financial stability and liquidity. NICE also assigned Bidax a caution watch grade and a CF6 cash flow grade, its lowest level. Bidax reported 539 million won in revenue last year but incurred a 4.25 billion won operating loss, leaving assets of 4.09 billion won below liabilities of 7.94 billion won. Short-term borrowings totaled 7.29 billion won, while cash holdings were about 56 million won. The company had signed a memorandum of understanding with Woori Bank on innovative cryptocurrency technology projects and drew criticism for presenting itself as if it were already issuing a won-based stablecoin, although the relevant legislation has not been enacted.