- Mirae Asset secures controlling stake in South Korea’s Korbit exchange.
- Financial giant Mirae Asset expands into digital assets with acquisition.
- Regulatory challenges loom as Mirae Asset acquires majority in Korbit.
Mirae Asset Financial Group, one of South Korea’s largest financial institutions, has taken a major step into the cryptocurrency market by acquiring a controlling stake in Korbit, a leading cryptocurrency exchange in the country. According to an official announcement, Mirae Asset will purchase 26.9 million shares of Korbit for 133.5 billion Korean won, equivalent to approximately $92.27 million. This transaction will make Mirae Asset Consulting the majority shareholder, holding 92.06% of the exchange’s shares.
Strategic Expansion into Digital Assets
The shares were bought primarily from key previous stakeholders, including NXC, the holding company of gaming giant Nexon, and subsidiaries of SK Group. SK Planet, an IoT subsidiary of SK Group, separately sold 9.22 million shares for 45.7 billion won ($31.6 million). However, the acquisition is still subject to regulatory approval before it can be finalized.
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Mirae Asset’s acquisition is part of its strategic vision to expand into digital assets. The financial group sees this move as an essential part of its “Mirae Asset 3.0” strategy, which aims to integrate digital assets into its traditional financial services. With this purchase, Mirae Asset is positioning itself to take advantage of the rapidly growing tokenized securities market, which was recently legalized in South Korea.
Korbit’s Role in South Korea’s Crypto Landscape
Korbit, South Korea’s fourth-largest cryptocurrency exchange by trading volume, handles around $95 million in transactions daily. While it is smaller than Upbit, the dominant player in the market with a daily trading volume of $1.8 billion, this acquisition gives Korbit the financial backing to potentially increase its market share.
Mirae Asset’s move to acquire a controlling stake in Korbit comes amidst a broader trend of traditional financial institutions making inroads into the cryptocurrency sector. Just last year, Naver’s financial arm acquired Dunamu, the parent company of Upbit, through a stock-swap merger. This trend indicates a growing alignment between traditional finance and the digital asset market in South Korea.
However, Mirae Asset’s acquisition may face challenges ahead. South Korean authorities are considering introducing new regulations that would impose ownership caps on major shareholders of cryptocurrency exchanges under the upcoming Digital Asset Basic Act. These regulations could require Mirae Asset to divest a significant portion of its newly acquired stake in Korbit.
Despite these potential hurdles, the acquisition signifies a critical moment in South Korea’s evolving financial landscape, with traditional financial giants like Mirae Asset driving the integration of digital assets into mainstream finance.
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