Mirae Asset Group Negotiates $100M Acquisition of Korbit Exchange
- Mirae Asset Group is in discussions to acquire Korbit for approximately 100 billion to 140 billion Korean won ($70 million to $100 million).
- The deal will be spearheaded by Mirae Asset Consulting, which has signed a memorandum of understanding with Korbit’s major shareholders.
- Korbit is primarily owned by NXC and Simple Capital Futures, holding about 60.5% of the exchange, while SK Square owns an additional 31.5% stake.
- In terms of trading volume, Korbit accounted for only $5.75 million out of approximately $1.21 billion in total daily trading across six South Korean exchanges.
- Upbit leads the market with over $768 million in daily volume, significantly overshadowing Korbit’s performance.
The acquisition could provide Mirae Asset a regulated entry point into digital assets through Korbit’s operating license and compliance infrastructure, which are vital for major financial groups seeking exposure in this sector.
With Korbit’s trading volume representing well under one percent of South Korea’s crypto market activity, the acquisition may help enhance its competitive position amid larger players like Upbit and Bithumb.(Source)
