South Korean financial group Mirae Asset eyes crypto exchange Korbit acquisition: report
TL;DR
South Korean financial group Mirae Asset is reportedly in talks to acquire a 92% stake in cryptocurrency exchange Korbit for up to $97 million. This would mark Mirae Asset's first entry into the crypto sector, aiming to bridge traditional and digital finance.
Key Takeaways
- •Mirae Asset Financial Group is negotiating to purchase 92% of South Korean crypto exchange Korbit for up to 140 billion won ($97 million).
- •This acquisition would represent Mirae Asset's first foray into cryptocurrency-related business, expanding from its traditional finance services.
- •Korbit is South Korea's fourth-largest crypto exchange by trading volume, with significantly lower volume compared to market leaders Upbit and Bithumb.
- •Mirae founder Park Hyeon-joo has emphasized exploring opportunities to connect traditional and digital assets.
- •Neither Mirae Asset nor Korbit has officially commented on the reported acquisition talks.
What to know:
- Seoul-based Mirae Asset is considering buying South Korean cryptocurrency exchange Korbit.
- The financial group is in talks to acquire a 92% stake for as much as 140 billion won ($97 million).
- The exchange is the fourth-largest in terms of trading volume out of the six incorporated in South Korea.
- Seoul-based Mirae Asset is considering buying South Korean cryptocurrency exchange Korbit.
- The financial group is in talks to acquire a 92% stake for as much as 140 billion won ($97 million).
- The exchange is the fourth-largest in terms of trading volume out of the six incorporated in South Korea.
Mirae Asset, a Seoul-based financial group, is considering buying South Korean cryptocurrency exchange Korbit, the Korea Times reported on Monday.
The company is in talks to acquire 92% oof Korbit for as much as 140 billion won ($97 million), according to the report, which cited industry officials.
Mirae Asset, which offers asset management, wealth management, investment banking and insurance, is a prominent company in traditional finance (TradFi) in South Korea. The acquisition would be its first involvement in a cryptocurrency-related business.
One unidentified official noted that Mirae founder Park Hyeon-joo has emphasized exploring opportunities in connecting traditional and digital assets, according to the report.
“Korbit has historically had a limited presence, but Mirae Asset Financial Group’s decades of expertise could allow it to pursue a differentiated strategy,” the official added.
The exchange is the fourth-largest in terms of trading volume out of the six incorporated in South Korea, according to CoinGecko. Its 24-hour volume of $11.8 million is dwarfed by Upbit's $1.2 billion and Bithumb's $475 million. Coinone sits in third place with volume of $58 million.
Neither Mirae Asset nor Korbit responded to CoinDesk's request for further comment.
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