Mirae Asset Consulting, an affiliate of South Korean multinational financial services company Mirae Asset Group, has agreed to acquire a controlling stake in local cryptocurrency exchange Korbit.
the company plans to purchase 26.9 million shares of Korbit for 133.48 billion won (approximately USD 93 million), which will give it 92.06% of shares on the stock exchange, According to until Friday’s regulatory filing. Payment will be made in full in cash
Mirae Asset said the acquisition aims to “secure future growth drivers through digital asset (virtual asset) businesses,” according to the filing. The company’s management board approved this decision on February 5, and reports about the planned transaction appeared last year.
The transaction has not been closed yet. Settlement will occur when closing conditions are met and completion is expected within seven business days after these conditions are met.
Related: How a Bitcoin Promotion Mistake Prompted a Regulatory Settlement in South Korea
Korbit Returns to Profits After Sales Talks
Korbit reported 8.7 billion won in revenue and 9.8 billion won in net profit in the last fiscal year, reversing losses recorded in previous years.
Korbit is primarily owned by NXC and its subsidiary Simple Capital Futures, which together own approximately 60.5% of the stock. SK Square holds an additional 31.5% stake.
Korbit has a full operating license and regulatory compliance infrastructure, which could make it an attractive entry point for a vast financial group looking for regulated exposure to digital assets.
As Cointelegraph reports, local exchange Coinone is also exploring a potential sale as CEO Cha Myung-hoon seeks to divest his 53.4% controlling stake.
Related: South Korea investigates Bithumb after $43 billion ‘phantom’ Bitcoin withdrawal
Korbit trails major Korean exchanges in terms of trading volume
According to CoinGecko dataKorbit remains a relatively petite player in South Korea’s cryptocurrency trading market compared to larger domestic exchanges. Of the approximately $3.64 billion in total 24-hour trading volume tracked across platforms in Korea, Korbit recorded approximately $59.9 million in daily activity.
Upbit accounted for the expansive majority of trading with about $2.16 billion in 24-hour volume, followed by Bithumb with about $1.36 billion. Smaller platforms lagged far behind, and exchanges such as INEX recorded volumes in the hundreds of thousands of dollars.
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