Seoul-based financial firm Mirae Asset Financial Group is considering buying Korean cryptocurrency exchange Korbit Inc., the Korea Times reported today.
The Korean cryptocurrency market is dominated by Upbit and Bithumb, which represent over 95% of the exchange volume in the country. As the fourth-largest cryptocurrency exchange, Korbit serves as an entry point for Mirae into the cryptocurrency industry, which has traditionally focused on traditional finance since its founding in the late 1990s.
Founded in 2013, Korbit, also known as 코빗 (Ko-bit) in Korean, began as Korea’s first cryptocurrency exchange, pioneering bitcoin trading in Korean won. Although it opened the market to the local population and paved the way for early trading infrastructure, it was quickly surpassed by the larger exchanges. Today, it still remains a key player in the market.
Officials at Mirae said the company is in talks to acquire a 60.5% stake in Kobit from its parent company, NXC Corp., the exchange’s largest shareholder, and a 31.5% from SK Planet. NXC is the family holding group that owns a controlling stake in major South Korea-based global video game giant Nexon Co. Ltd., a developer and publisher known for games like MapleStory and Dungeon Fighter Online.
The deal is estimated at up to 140 billion won, around $97.5 million total.
The purchase would be led by Mirae Asset Consulting, the group’s real estate and consulting affiliate controlled by founder Park Hyeon-joo and his wife.
Mirae offers asset management, wealth management, investment banking and insurance. Since its founding, it established itself as a prominent leader in traditional finance.
An unnamed industry official quoted by the Korea Times noted that Park, now global strategy officer, previously emphasized exploring business opportunities that interconnect traditional finance to digital assets.
“Korbit has historically had a limited presence, but Mirae Asset Financial Group’s decades of expertise could allow it to pursue a differentiated strategy,” he added.
The purchase could shift the current nature of Korea’s cryptocurrency and digital asset landscape. Kobit maintains a large number of regulatory licenses in the country. The acquisition news follows increasing outreach throughout the global market by major financial firms, including MasterCard Inc., multinational investment management firm BlackRock Inc. and the cryptocurrency exchange Coinbase Global Inc.
Image: Pixabay
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