Mirae Asset Consulting, an affiliate of South Korean multinational financial services company Mirae Asset Group, has agreed to acquire a controlling stake in local crypto exchange Korbit.
According to Friday’s regulatory filing, the company plans to buy 26.9 million shares of Korbit for 133.48 billion won (about $93 million), a transaction that would give it a 92.06 percent ownership interest in the exchange. Payment will be made entirely in cash.
Mirai Asset said the acquisition is aimed at “securing future growth drivers through the digital asset (virtual asset) business,” according to the filing. The company’s board approved the decision on February 5, after reports of the planned deal first surfaced last year.
The transaction has not yet closed. Settlement will occur upon satisfaction of the closing conditions of the Agreement, which is expected to be completed within seven business days after these requirements have been met.
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Korbit returns to profit after sales negotiations.
Korbit reported 8.7 billion won in revenue and 9.8 billion won in net profit in its most recent 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 exchange. SK Square owns an additional 31.5% stake.
Korbit has a complete operating license and compliance infrastructure, which could make it an attractive entry point for a large financial group seeking regular exposure to digital assets.
As Cointelegraph reported, local exchange Coinone is also exploring a potential sale, as chairman Cha Myung-hoon looks to divest his 53.4 percent controlling stake.
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Korbit surpasses major Korean exchanges in trading volume.
According to data from CoinGecko, Korbit is a relatively small player in South Korea’s crypto trading market compared to major domestic exchanges. Of the approximately $3.64 billion in combined 24-hour trading volume across Korea-based platforms, Korbit recorded approximately $59.9 million in daily activity.
Upbit accounted for the vast majority of trading with about $2.16 billion in 24-hour volume, followed by Bitumb at about $1.36 billion. Smaller venues lagged far behind, with exchanges such as INEX reporting volumes in the hundreds of thousands of dollars.
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