Mirae Asset Negotiates to Buy Korbit for $100M Amid South Korean Crypto Market Growth

TLDR

• Mirae Asset seeks to acquire Korbit, South Korea’s fourth-largest crypto exchange for $100M.
• Korbit holds full regulatory compliance, making it an attractive option for Mirae Asset.
• Korbit’s market share is low, yet its operating license adds appeal for Mirae Asset’s digital strategy.
• Naver Financial plans to acquire Dunamu, operator of the dominant Upbit exchange, for $10.3 billion.

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Mirae Asset Group, through its affiliate Mirae Asset Consulting, is reportedly in discussions to acquire South Korea’s fourth-largest cryptocurrency exchange, Korbit, in a deal estimated to be worth between 100 billion and 140 billion Korean won ($70 million to $100 million). According to local media sources, Mirae Asset has signed a memorandum of understanding (MOU) with Korbit’s major shareholders, marking the first step towards the acquisition.

Korbit’s Market Position and Appeal for Mirae Asset

Despite holding a smaller market share in South Korea’s cryptocurrency space, Korbit’s full operating license and established compliance infrastructure make it an attractive target for a financial group like Mirae Asset. Korbit accounts for less than 1% of the country’s total crypto trading volume, which is relatively modest compared to other exchanges such as Upbit and Bithumb.

Korbit’s position in the market is smaller, with a reported daily trading volume of just $5.75 million out of a total $1.21 billion in daily trading volume across South Korean exchanges. By contrast, Upbit, South Korea’s largest exchange, controls over $768 million in daily trading volume. However, the appeal of Korbit lies in its regulatory compliance, a critical factor for Mirae Asset’s strategic entry into the digital asset market.

As a full licensed exchange, Korbit provides the necessary infrastructure to operate within South Korea’s strict regulatory framework. This is a crucial factor for Mirae Asset Consulting, which is looking to expand into regulated digital assets.

Mirae Asset’s Strategic Move into Digital Assets

The acquisition would be an important step for Mirae Asset Group, which has largely focused on traditional finance. Mirae Asset Consulting, a non-financial affiliate of the group, is leading the acquisition process. The move into cryptocurrency is in line with a broader global trend where financial institutions are looking to diversify their portfolios by incorporating digital assets.

With regulatory uncertainties surrounding the crypto industry in many countries, acquiring a company like Korbit that has already navigated the regulatory landscape in South Korea offers Mirae Asset a unique opportunity. A regulated exchange also ensures that the business operates within legal frameworks, reducing risks and enhancing trust with potential customers.

Key Shareholders and the Potential Deal Structure

Korbit is primarily owned by NXC, Simple Capital Futures, and SK Square. NXC and Simple Capital Futures jointly hold about 60.5% of the exchange, while SK Square holds an additional 31.5%. These stakeholders will play a pivotal role in the negotiation and finalization of the acquisition deal.

The acquisition process is still in the early stages, but the potential transaction represents a strategic shift for Mirae Asset. By acquiring a regulated platform like Korbit, Mirae Asset would gain direct access to the South Korean cryptocurrency market, despite the exchange’s relatively low market share.

Related Developments in the South Korean Crypto Market

In a related development, Naver Financial has announced plans to acquire Dunamu, the operator of South Korea’s largest crypto exchange, Upbit. This deal, which is valued at approximately 15.1 trillion Korean won ($10.3 billion), involves a stock-swap transaction and is expected to have major implications for the South Korean crypto market.

The planned acquisition of Dunamu by Naver Financial underscores the increasing interest of traditional financial institutions in the crypto sector. Both deals reflect a shift toward regulated digital asset operations as financial groups look to enter this rapidly evolving market.

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