TL;DR:
- OKX Ventures will invest $53 million to acquire a 19.6% stake in Coinone, one of South Korea’s five licensed exchanges.
- Korea Investment & Securities will make an identical investment, becoming alongside OKX Ventures the third-largest shareholders in Coinone.
- After the deal, Coinone CEO Cha Myung-hun will retain control with 27.8% of shares, subject to regulatory approval.
OKX Ventures, the exchange’s investment arm, announced the purchase of a 19.6% stake in Coinone, one of the five crypto exchanges licensed in South Korea. The transaction involves an investment of 80 billion South Korean won, equivalent to $53 million, and remains subject to the relevant regulatory approvals.
In turn, Korea Investment & Securities (KIS), one of the country’s largest securities brokers, will make an identical investment for the same ownership percentage. The combined transaction of 160 billion won will be structured through a combination of secondary purchases of existing shares and subscription of newly issued shares. Following the deal, OKX Ventures and KIS will be positioned as the third-largest shareholders in Coinone, behind CEO Cha Myung-hun with 27.8% and Com2uS Holdings and its affiliates with 25%.
South Asia Is OKX’s New Expansion Front
The transaction confirms reports previously published by the Yonhap news agency, which anticipated both firms’ intention to acquire stakes close to 20% in the exchange. Netero Dai, Vice President of OKX Global Markets, stated that “the future of finance will be built on regulated infrastructure and regulatory compliance,” and identified South Korea as one of the world’s most sophisticated digital asset markets.
The companies indicated that OKX Ventures and Coinone will collaborate on user protection, security, and risk management. KIS, for its part, will seek to develop joint projects tied to security tokens and stablecoins, in line with recent regulatory developments in the country.
The Industry Bets on South Korea
Intense activity from investors in the South Korean crypto sector has been recorded. Three Samsung subsidiaries announced a combined investment of $408 million in Dunamu, the parent company of Upbit. Mirae Asset announced in February the purchase of 92% of exchange Korbit. Additionally, institutions such as KB Kookmin and Shinhan have forged alliances with blockchain platforms like Solana and Avalanche to explore payment systems using tokenized deposits.
