Mirae Asset Consulting, an affiliate of South Korean multinational financial services company Mirae Asset Group, has agreed to acquire a controlling stake in local crypto exchange Korbit.
The company plans to purchase 26.9 million shares of Korbit for 133.48 billion won (about $93 million), a transaction that would give it a 92.06% ownership interest in the exchange, according to a Friday regulatory filing. The payment will be made entirely in cash
Mirae Asset said the purpose of the acquisition is “to secure future growth drivers through digital-asset (virtual-asset) businesses,” per the filing. The company’s board approved the decision on Feb. 5, while reports on the planned deal initially surfaced last year.
The transaction has not yet closed. The settlement will occur once contractual closing conditions are satisfied, with completion expected within seven business days after those requirements are met.
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Korbit returns to profit after sale talks
Korbit reported 8.7 billion won in revenue and 9.8 billion won in net profit in its most recent fiscal year, reversing losses recorded in prior years.
Korbit is primarily owned by NXC and its subsidiary Simple Capital Futures, which together hold about 60.5% of the exchange. SK Square owns an additional 31.5% stake.
Korbit holds a full operating license and compliance infrastructure, which could make it an attractive entry point for a major financial group seeking regulated exposure to digital assets.
As Cointelegraph reported, local exchange Coinone also is exploring a potential sale, as chairman Cha Myung-hoon seeks to divest his 53.4% controlling stake.
Related: South Korea probes Bithumb after $43B ‘phantom’ Bitcoin payout
Korbit trails major Korean exchanges in trading volume
According to CoinGecko data, Korbit remains a relatively small player in South Korea’s crypto trading market compared with larger domestic exchanges. Of roughly $3.64 billion in combined 24-hour trading volume tracked across Korea-based platforms, Korbit recorded about $59.9 million in daily activity.
Major South Korean exchanges. Source: CoinGeckoUpbit accounted for the vast majority of trading with approximately $2.16 billion in 24-hour volume, followed by Bithumb at around $1.36 billion. Smaller venues trailed far behind, with exchanges such as INEX reporting volumes in the hundreds of thousands of dollars.
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Source: https://cointelegraph.com/news/mirae-asset-buy-92-percent-korbit-korea-crypto-exchange?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
