TL;DR:
- DigitalX, operator of the Korbit exchange, approved a capital increase of around 50 billion won ($35.3M) through the issuance of new shares.
- All new shares will be subscribed by Mirae Asset Consulting, which acquired 97.15% of the company in July for $91.5M.
- The funds will be used to improve the company’s financial structure and address urgent operational management needs.
DigitalX, the operator of South Korean cryptocurrency exchange Korbit and recently acquired subsidiary of the Mirae Asset group, approved a capital increase of approximately 50 billion South Korean won, equivalent to $35.3 million.
According to a report by South Korean news agency News1, the company’s board approved the issuance of more than 10 million new ordinary shares at a price of 4,961 won ($3.5) per share. The entire issuance will be subscribed by Mirae Asset Consulting, the controlling shareholder of the company. Payment is scheduled for August 27.
DigitalX stated that the funds raised will be used to improve its financial structure and address urgent management needs.
DigitalX Consolidates its Position
Mirae Asset Consulting completed the acquisition of Korbit in July, securing 97.15% of the company for approximately 130 billion won ($91.5 million). South Korea’s Fair Trade Commission approved the transaction last month.
Additionally, the firm announced this week a change to its corporate name, from Korbit Co. to DigitalX Co., although the exchange will retain the Korbit brand for the time being. The Mirae Asset group had already signaled its intention to develop DigitalX as a platform integrating digital and traditional financial assets, positioning it as a central element of its strategy known as “Mirae Asset 3.0.”
Strengthening the Crypto Sector in South Korea
Korbit is one of five cryptocurrency exchanges holding a full license in South Korea, authorized to offer fiat-to-digital asset conversion services. The local market is currently dominated by Upbit and Bithumb.
Mirae Asset’s moves follow a trend among other South Korean firms: Hana Bank acquired a 6.55% stake in Dunamu, the operator of Upbit, while three Samsung subsidiaries, including Samsung Securities, jointly took a 4% stake in the same company. Meanwhile, Korea Investment & Securities secured approximately 20% of Coinone alongside OKX Ventures.
