Deal Valued Up to $100 Million Signals Growing Institutional Interest in South Korea’s Crypto Market
South Korea’s financial sector may be on the verge of a major crypto consolidation, as Mirae Asset Group is reportedly in talks to acquire Korbit, the country’s fourth-largest cryptocurrency exchange, in a deal valued between 100 billion and 140 billion Korean won ($70 million to $100 million). The discussions highlight increasing interest from traditional finance players in regulated crypto infrastructure.
According to local reports, the transaction would be led by Mirae Asset Consulting, a non-financial subsidiary within the Mirae Asset Group. The unit has reportedly signed a memorandum of understanding with Korbit’s major shareholders. Korbit is majority-owned by NXC, the holding company behind gaming firm Nexon, which controls approximately 60.5% of the exchange. Another 31.5% stake is held by SK Planet, following a significant investment in 2021.
Founded in 2013, Korbit was South Korea’s first cryptocurrency exchange and the world’s first Bitcoin–Korean won trading platform. Despite its early lead, Korbit now accounts for less than 1% of domestic trading volume, as larger rivals dominate daily activity.
Routing the deal through a non-financial affiliate appears designed to align with South Korea’s long-standing separation between financial institutions and crypto businesses. The talks also follow other recent moves by major Korean firms, suggesting a broader shift toward institutional participation in digital assets as regulatory barriers gradually ease.
While no official confirmation has been made, the negotiations underscore renewed momentum in South Korea’s crypto M&A landscape.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.