Mirae Asset Financial Group is in negotiations to acquire Korbit, the fourth-largest cryptocurrency exchange in South Korea, with a valuation of between $70 million and $100 million.
According to a report published by The Chosun Daily last weekend, Mirae Asset Group is in negotiations to acquire Korbit for a valuation ranging from 100 trillion to 140 trillion South Korean won, equivalent to approximately 70-100 million USD. This transaction is being conducted through Mirae Asset Consulting, a non-financial advisory unit of the group, in order to comply with the 2017 regulation on separating financial institutions from cryptocurrency trading activities in South Korea.
Korbit is currently primarily owned by NXC, the holding company of game conglomerate Nexon, with a 60.5% stake. SK Planet holds a 31.5% stake after a 90 billion won investment in 2021. Mirae Asset Consulting signed a memorandum of Mnemonics with these major shareholders to proceed with the transaction, despite already holding a 36.92% stake in Mirae Asset Global Investments and a significant position within the group's structure.
The South Korean cryptocurrency market is attractive to traditional finance.
Founded in 2013, Korbit was the first cryptocurrency exchange in South Korea and also a pioneering global platform for trading Bitcoin with the Korean won. However, despite its first-mover advantage, Korbit currently accounts for less than 1% of the total domestic volume, according to data from CoinGecko. The market remains dominated by Upbit with over $716 million in volume in the past 24 hours, followed by Bithumb with approximately $298 million.
Mirae Asset's move comes after Naver Financial announced last month its plan to merge with Dunamu, the operator of Upbit, via a stock swap. These deals reflect a trend of traditional South Korean financial institutions actively participating in the cryptocurrency sector, especially as the government considers easing restrictions on institutional investment.
A Korbit representative stated that there is currently no information available to confirm the deal, while Mirae Asset has not yet issued an official comment. Observers believe that if successful, this transaction would mark a significant step in integrating traditional finance and the cryptocurrency industry in one of Asia's most vibrant markets.
