Mirae Asset in Talks to Acquire South Korean Crypto Exchange Korbit for Up to $100 Million

• Mirae Asset Consulting has signed a memorandum of understanding with Korbit’s major shareholders for a potential acquisition valued at 100 billion to 140 billion Korean won ($70 million to $100 million).
• Korbit, established in 2013 as South Korea’s first crypto exchange, currently holds less than 1% of the domestic trading volume but maintains a full operating license.
• The move underscores the growing convergence of traditional finance and cryptocurrency in South Korea, following similar deals like Naver’s merger with Upbit operator Dunamu.

In a development highlighting the blurring lines between traditional finance and digital assets, South Korea’s Mirae Asset Financial Group is in advanced talks to acquire cryptocurrency exchange Korbit for up to $100 million, according to industry reports.

The deal is being led by Mirae Asset Consulting, a non-financial subsidiary at the top of the conglomerate’s structure, which has inked a memorandum of understanding with Korbit’s key shareholders.

NXC, the holding company behind Nexon, owns about 60.5% of Korbit, while SK Square holds a 31.5% stake acquired through a 90 billion won investment in 2021. Due diligence is underway, with final terms subject to negotiation.

Founded in 2013, Korbit pioneered Bitcoin-Korean won trading and was the world’s first such platform. However, its market share has dwindled to under 1%, dwarfed by leaders Upbit and Bithumb, which dominate with daily volumes exceeding $716 million and $298 million, respectively.

This potential acquisition aligns with South Korea’s regulatory framework, which prohibits direct involvement of financial firms in crypto businesses since 2017. By using a non-financial entity, Mirae Asset navigates these restrictions while gaining access to Korbit’s licensed infrastructure.

The transaction follows Naver Financial’s recent stock-swap merger with Dunamu, Upbit’s operator, indicating heightened interest from tradfi players in regulated crypto venues amid easing institutional investment barriers.

Analysts suggest such moves could bolster the credibility of South Korea’s crypto ecosystem, potentially attracting more institutional capital. Korbit’s compliance features make it an appealing entry point for firms like Mirae Asset seeking exposure to digital assets.

Korbit representatives told local media there is ‘nothing we can confirm’ regarding the talks.

The news has generated buzz on social media, with accounts like CryptoNewsZ noting the acquisition as a ‘significant institutional push into the digital asset market.’ View post

Amid this, major cryptocurrencies such as Bitcoin and Ethereum continue to see institutional interest in regulated markets.

Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.