Mirae Asset Eyes $100M Deal to Buy Korean Crypto Exchange Korbit

Mirae Asset Group is reportedly in discussions to acquire South Korea’s fourth-largest cryptocurrency exchange, Korbit, in a deal valued at roughly 100 billion to 140 billion Korean won ($70 million to $100 million). This potential acquisition, led by Mirae Asset Consulting, a non-financial affiliate of the group, is poised to make a significant impact on the Korean crypto market.

Key Deal Details: Mirae Asset and Korbit’s Future

A recent report by The Chosun Daily states that Mirae Asset Consulting has agreed to a memorandum of understanding (MOU) with the major shareholders of Korbit and this is the first step towards achieving the deal. The exchange is mostly owned by NXC which has a subsidiary company Simple Capital Futures holding approximately 60.5% of the exchange and SK square has a 31.5% stake.

This deal provides Mirae Asset a great chance to venture into the crypto world via a fully licensed and regulated exchange. Since Korbit has an operating license and has already developed compliance infrastructure, the potential acquisition of Mirae Asset would enable the company to have a safe entry point into the growing digital asset market of South Korea.

Korbit’s Market Position in South Korea’s Crypto Landscape

Although Korbit is among the largest exchanges in South Korea, its share of the crypto trading market is not very large in the country. Korbit only accounted for $5.75 million, less than 1% of the total $1.21 billion in daily trading volume across six major Korea-based exchanges, according to CoinGecko. Compared to this, Upbit dominates the market by having more than $768 million in daily volume, followed by Bithumb and Coinone.

Regardless of this, the full operating license and compliance infrastructure of Korbit make it a compelling target to any financial group interested in venturing into the digital asset world with adequate regulatory control. This acquisition might be included in the strategy of Mirae Asset to increase its presence in the booming industry of digital finance and cryptocurrencies.

What’s Next for the Crypto Market?

The news of Mirae Asset’s deal is part of a broader trend of large South Korean companies entering the digital asset market. As an example, Naver Financial recently purchased Upbit, which is operated by Dunamu, in an enormous 10.3 billion deal. This acquisition indicates that large financial institutions are becoming more interested in securing a foothold in the fast-expanding cryptocurrency market.

Conclusion: The Future of Mirae Asset and Korbit

In case the acquisition is successful, Mirae Asset will have a significant stake in the cryptocurrency market of South Korea due to the regulated operations of Korbit. This deal has the potential to become a breakthrough for both Mirae Asset and the Korean crypto ecosystem in general, providing an increased opportunity for regulated exposure to digital assets.

With the acquisition negotiations still ongoing, it is yet to be seen how Mirae Asset can use the infrastructure and market presence of Korbit to increase its presence in the digital finance market. Meanwhile, the world will be watching the finalization of this deal and how this will impact the future of cryptocurrency regulation in South Korea.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.