OKX and Korea Investment & Securities have joined the list of companies investing in South Korean crypto exchanges after agreeing to acquire a 20% stake each in Coinone, one of the country’s largest platforms.
OKX, KIS Become Coinone’s Third-Largest Stakeholders
On Friday, Coinone announced it had signed strategic investment agreements with Korea Investment & Securities, one of South Korea’s major brokerage firms, and OKX Ventures, the investment arm of the global crypto exchange OKX.
The Korean Herald reported that the companies will acquire roughly 20% stake each for $53 million through newly issued shares and existing shares sold by the platform’s two largest shareholders, Coinone CEO Cha Myung-hoon and Com2uS Holdings.
The crypto exchange’s CEO will remain the largest shareholder with a 30.36% stake, while Com2uS Holdings will continue to hold the second place at 24.54%. Following the transaction, Korea Investment & Securities and OKX Ventures will become the joint third-largest stakeholders.
The brokerage firm affirmed that the investment in the crypto exchange is more than an equity acquisition, being intended as a foundation for expanding into the digital assets sector.
“This marks the first step in expanding beyond traditional finance into blockchain-based digital financial services,” Korea Investment & Securities CEO Kim Sung-hwan said, adding that the company seeks to position itself as a leading player in emerging areas, including tokenized securities, stablecoins, and blockchain-based financial services.
According to the report, Coinone affirmed that the partnership with OKX Ventures aims to provide access to international market knowledge and strengthen investor protection, security, and risk management capabilities.
Netero Dai, vice president of OKX Global Markets, asserted that its joint investment with the South Korean brokerage firm reflects its conviction to build the future of finance on “compliant, well-regulated” infrastructure.
Meanwhile, Coinone CEO asserted it would continue working with regulators on procedures related to the shareholder changes, and shared plans to hold a joint media briefing with Com2uS Holdings, OKX Ventures, and Korea Investment & Securities to discuss the partnership and future areas of cooperation.
South Korea’s Crypto Exchange Investment Race Heats Up
Financial officials said local brokerage firms are increasing investments in crypto exchanges to gain a foothold in the country’s emerging digital asset market as Korean authorities move to establish a broader regulatory framework, The Korea Times stated.
As reported by Bitcoinist, the Financial Services Commission (FSC) proposed to cap major shareholders’ stakes in crypto exchanges at around 15%-20%, similar to the framework for securities exchanges and other trading systems. The measure aims to “align governance standards with the exchanges’ increasing public role,” FSC’s Chairman Lee Eog-weon affirmed at the start of the year.
Since then, multiple firms have ramped up their investment in the country’s top crypto exchanges. In February, Mirae Asset Financial Group’s holding company, Mirae Asset Consulting, announced the acquisition of a 92% stake in Korbit for roughly $88.7 million.
Hanwha Investment & Securities agreed to raise its stake in Dunamu, the operator of the country’s largest crypto exchange, Upbit, from 5.94% to 9.84%. Earlier this month, Hana Financial Group, one of South Korea’s largest banking conglomerates, revealed it had agreed to purchase a 6.55% stake in Dunamu for approximately $670 million, marking the largest single investment a South Korean bank has ever made in a digital asset company.
Similarly, Samsung announced on Thursday that three of its affiliates had acquired a combined 4% stake in Dunamu for $408 million. The company affirmed that the investment aimed to create new opportunities tied to digital assets.
The total crypto market capitalization is at $2.46 trillion in the one-week chart. Source: TOTAL on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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