Mirae Asset Group is reportedly in discussions to acquire Korbit, the fourth-largest cryptocurrency exchange in South Korea. The deal is estimated to be worth between 100 billion and 140 billion Korean won, which is approximately $70 million to $100 million.
Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Group, is expected to lead the acquisition. A memorandum of understanding (MOU) has reportedly been signed between Mirae Asset Consulting and the major shareholders of Korbit.
Korbit's current ownership structure includes NXC, the holding company of Nexon, and its subsidiary Simple Capital Futures, holding approximately 60.5% of the shares, and SK Square, with roughly 31.5%.
As of December 28th, virtual asset information provider CoinGecko reported the 24-hour trading share of virtual currency exchanges in South Korea as follows: Upbit at 64.2%, Bithumb at 24.4%, Coinone at 10.8%, and Korbit at 0.5%.
The acquisition is viewed by industry experts as a strategic move by Mirae Asset to enter the virtual asset market, taking into account South Korea's regulatory environment that separates finance and virtual assets. By using a non-financial affiliate, Mirae Asset can participate in the cryptocurrency exchange market indirectly. This approach aligns with the trend of traditional financial and technology companies, such as BlackRock and Coinbase, increasingly integrating traditional and digital assets.
The acquisition of Korbit, with its full operating license and compliance framework, offers Mirae Asset a compliant entry point into the digital asset space.
Market observers anticipate increased competition among domestic virtual asset exchanges as a result of this acquisition. Dunamu, the operator of the leading exchange Upbit, became a wholly-owned subsidiary of Naver Financial through a share swap with Naver, making it a grandchild company of Naver. With Mirae Asset's entry into the exchange market via Korbit, the South Korean virtual asset exchange landscape may evolve into a structure where IT/platform companies and traditional financial institutions compete.
