South Korea · OKX · Coinone · The Block
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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.
Key facts
- 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
- According to a Friday report from Yonhap News Agency, OKX and Korea Investment & Securities are looking to buy approximately 20% stakes in Coinone each
- 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
- 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
Summary
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.