Recent developments in the South Korean cryptocurrency market highlight the increasing interest from both local and international investors. OKX and Korea Investment & Securities (KIS) have both announced their plans to acquire a 20% stake each in Coinone, one of the major cryptocurrency exchanges in South Korea.
Strategic Investments in Coinone
On Friday, Coinone disclosed its strategic investment agreements with KIS and OKX Ventures, the investment division of the notable global crypto exchange OKX. According to reports, each company will invest approximately $53 million to acquire their stakes through newly issued shares and shares sold by existing shareholders, including Coinone’s CEO Cha Myung-hoon and Com2uS Holdings.
Following this investment, Coinone’s CEO will continue to hold the largest share at 30.36%, with Com2uS Holdings in second place owning 24.54%. As a result, both KIS and OKX Ventures will become the joint third-largest stakeholders in the exchange.
KIS has emphasized that this investment extends beyond merely purchasing equity, aiming to establish a foundation for expansion into the digital asset sector. According to KIS CEO Kim Sung-hwan, this investment marks their initial step toward entering blockchain-based digital financial services, targeting areas such as tokenized securities, stablecoins, and more.
Coinone has indicated that its collaboration with OKX Ventures is designed to enhance investor protections and risk management capabilities while providing insights into international market practices. Netero Dai, vice president of OKX Global Markets, stated that this partnership reflects a commitment to building a compliant financial infrastructure.
To further elaborate on this collaboration, Coinone’s CEO mentioned that they will coordinate with regulators regarding shareholder changes and plans to hold a joint media briefing with KIS, OKX Ventures, and Com2uS Holdings to discuss future cooperation.
Investment Trends in South Korea’s Crypto Market
The recent investments by KIS and OKX are part of a larger trend where local brokerage firms are increasingly investing in cryptocurrency exchanges. Financial authorities have noted this surge as South Korea moves toward establishing a comprehensive regulatory framework for digital assets. According to The Korea Times, many companies are seeking to secure their foothold in this emerging market.
Recent regulatory proposals by the Financial Services Commission (FSC) suggest capping major shareholders’ stakes in crypto exchanges at around 15%-20%, similar to the regulations that govern traditional securities exchanges. FSC’s Chairman Lee Eog-weon has stated that this measure aims to align governance standards with the growing public role of these exchanges.
- Mirae Asset Consulting recently acquired a 92% stake in Korbit for approximately $88.7 million.
- Hanwha Investment & Securities has increased its stake in Dunamu, the operator of Upbit, from 5.94% to 9.84%.
- Hana Financial Group purchased a 6.55% stake in Dunamu for about $670 million, representing a significant investment from a South Korean bank in a digital asset firm.
- Samsung announced that its affiliates acquired a combined 4% stake in Dunamu for $408 million, aiming to explore new digital asset opportunities.
These strategic investments mark a significant shift in how traditional finance is engaging with the digital asset space, setting the stage for further integration of cryptocurrency within established financial systems.
