OKX set to acquire 20% stake in South Korean crypto exchange Coinone: report
Quick Take
- OKX is reportedly seeking to purchase a 20% stake in South Korean crypto exchange Coinone.
- Earlier today, local banking giant Hana said it is acquiring a $670 million stake in Upbit operator Dunamu.
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OKX is advancing plans to acquire a majority stake in the South Korean crypto exchange Coinone, in partnership with Korea Investment & Securities Co.
According to a Friday report from Yonhap News Agency, OKX and Korea Investment & Securities are looking to buy approximately 20% stakes in Coinone each.
Coinone will likely issue new shares for the transaction rather than selling existing ones, according to Yonhap, which noted that the investment is unlikely to alter the exchange's management.
If the transaction is approved, OKX would become the second global exchange to own a major stake in a South Korean digital asset platform, following Binance's acquisition of Gopax.
Coinone is one of South Korea's five crypto exchanges that are authorized to offer fiat-to-crypto trading services. However, the local market is currently dominated by Upbit and Bithumb.
The Block has reached out to OKX for further comment on the reported matters.
Shakeups
OKX's reported plan to invest in Coinone closely follows another major investment news from South Korea earlier today — banking giant Hana officially announced that it will acquire a $670 million stake in Dunamu, the parent company of Upbit.
Earlier in February, South Korean financial conglomerate Mirae Asset announced it was acquiring a 92% stake in Korbit, another top five crypto exchange in the country.
Meanwhile, local authorities are pushing to limit the maximum stake a single individual or entity can hold in a crypto exchange, as part of the upcoming Digital Asset Basic Act. According to local reports, financial authorities are discussing a 34% ownership cap for corporates and a 20% cap for individuals.
Currently, The One Group is Coinone's largest shareholder with a 34.3% stake, and its founder, Cha Myung-hoon, owns 19.14%, Yonhap said. Cha is also the largest shareholder of The One Group. Local gaming firm Com2uS Holdings holds a 21.95% stake in Coinone, and its affiliated investment firm Com2uS Plus owns 16.47% of the crypto exchange.
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