The South Korean financial powerhouse Mirae Asset Financial Group has completed the acquisition of a substantial 92.06% stake in the cryptocurrency exchange Korbit. This strategic move marks one of the largest integrations between traditional finance and digital assets in South Korea.
Conducted through Mirae Asset Consulting, the deal involved purchasing 26.9 million shares of Korbit for 133.5 billion won, which is approximately $92.27 million. Following the completion of this transaction, Mirae Asset will become the majority and controlling shareholder of Korbit.
The shares were primarily acquired from previous owners, including NXC, the holding company connected to the gaming giant Nexon, along with subsidiaries of SK Group. Notably, SK Planet, a division focused on Internet of Things (IoT) solutions, confirmed the sale of 9.22 million shares for about 45.7 billion won, or roughly $31.6 million.
Although the acquisition is poised to enhance Mirae Asset”s growth in digital assets, it remains subject to regulatory approval. In a statement, the company emphasized that the primary goal of this acquisition is to secure future growth based on digital assets.
This acquisition aligns with Mirae Asset”s internal strategy, dubbed “Mirae Asset 3.0,” which aims for a broader integration of cryptocurrencies and digital products into the traditional financial services it offers. Currently, Korbit ranks as the fourth largest cryptocurrency exchange in South Korea by trading volume, having processed approximately $95 million in transactions over the last 24 hours. In contrast, the leading local exchange, Upbit, reported around $1.8 billion in the same timeframe.
Mirae Asset”s significant move occurs amid a broader trend of consolidation between established financial institutions and cryptocurrency firms within the South Korean market. For instance, last November, the financial arm of Naver acquired a stake in Dunamu, the parent company of Upbit, through a stock swap.
This acquisition also positions Mirae Asset to capitalize on recent legislative developments concerning tokenized securities, thereby expanding its digital product offerings in the local market. However, the firm may face regulatory challenges ahead, as forthcoming legislation known as the Basic Digital Assets Law is expected to impose stricter limits on the ownership stakes of major shareholders in cryptocurrency exchanges. Should these regulations come into effect as anticipated, Mirae Asset may need to divest a portion of its newly acquired stake in Korbit.
