South Korea · OKX · Coinone · Bitcoinist
OKX, KIS Acquire 20% Stake In South Korean Crypto Exchange As Local Race Intensifies
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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.
Key facts
- 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
- Similarly, Samsung announced on Thursday that three of its affiliates had acquired a combined 4% stake in Dunamu for $408 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%
- 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%
Summary
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%. 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.