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Photo courtesy of Mirae Asset Securities |
[Alpha Biz= Kim Jisun] Mirae Asset Financial Group is reportedly moving to acquire Korbit, South Korea’s fourth-largest cryptocurrency exchange.
According to sources in the cryptocurrency and financial investment sectors on the 28th, Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Financial Group, recently signed a memorandum of understanding (MOU) to pursue the acquisition. The transaction would involve the stakes held by NXC, the holding company of Korbit’s largest shareholder Nexon, and SK Planet, the exchange’s second-largest shareholder.
Currently, NXC owns approximately 60.5% of Korbit’s shares, while SK Planet holds around 31.5%. The total transaction value is expected to exceed KRW 100 billion (roughly USD 75 million). Mirae Asset Financial Group is reportedly using Mirae Asset Consulting to acquire the stakes in order to comply with the principle of “separation of financial and cryptocurrency businesses.”
Industry insiders note that full due diligence and formal acquisition procedures have not yet begun, meaning that the exact terms and completion of the deal are still subject to change. There have been reports since last year that NXC was exploring the sale of Korbit, but negotiations stalled due to disagreements over price.
Earlier in October, Mirae Asset Financial Group unveiled its “Mirae Asset 3.0” vision for future financial innovation, signaling plans for digital-based financial transformation. In June, its ETF management subsidiary Global X launched the Global X Bitcoin Covered Call ETF. Analysts say that if the Korbit acquisition goes through, it could accelerate the group’s digital asset initiatives.
Currently, Upbit and Bithumb account for roughly 90% of the domestic cryptocurrency exchange market, and market observers are watching whether the potential acquisition would alter the competitive landscape.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
