Mirae Asset Group is reportedly in talks to acquire Korbit, South Korea's fourth-largest cryptocurrency exchange, with an estimated valuation ranging from 100–140 billion won, or approximately $70–100 million USD. This move has quickly attracted attention from the Asian financial and crypto community, as traditional South Korean financial institutions are showing renewed interest in digital assets following a period of significant market correction.
According to domestic sources, this potential deal will be led by Mirae Asset Consulting, a subsidiary of Mirae Asset Group that does not operate in the core financial sector. This entity is said to have signed a memorandum of Mnemonics with Korbit's major shareholders, paving the way for detailed negotiations on the deal structure, purchase price, and post-merger restructuring plan. The involvement of a non-financially involved subsidiary also suggests Mirae Asset is cautiously approaching the cryptocurrency sector while maintaining long-term strategic control.
Currently, Korbit's ownership structure is quite concentrated, with NXC and its subsidiary Simple Capital Futures holding a combined 60.5% stake. In addition, SK Square – an investment entity within the SK Group – owns approximately 31.5%. This structure makes Korbit a relatively "accessible" target for large corporations seeking to acquire control, rather than having to negotiate with numerous smaller shareholders.
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One of the factors contributing to Korbit's high rating, despite its relatively small trading market share, is its full operating license and compliance with South Korean regulations. Given South Korea's stringent legal framework for cryptocurrency exchanges, including requirements for verified bank accounts, anti-money laundering measures, and investor protection, acquiring a fully licensed exchange could save Mirae Asset significant time and costs compared to applying for a new license from scratch. This also XEM as a legitimate gateway for a large financial conglomerate to enter the digital asset market in a formal manner.
