Key facts
- Mirae Asset Consulting, an affiliate of Mirae Asset Group, now holds a 97.15% stake in Korbit.
- Mirae Asset Group reportedly has $1 trillion in assets under management.
- Korbit, founded in 2013, is South Korea's first homegrown cryptocurrency exchange.
- The acquisition is not expected to change Korbit's corporate entity or disrupt user services.
- User deposits and virtual assets will continue to be held separately from company assets.
Mirae Asset Consulting, an affiliate of the financial conglomerate Mirae Asset Group, has acquired a significant stake in Korbit, South Korea's first cryptocurrency exchange. The deal, which sees Mirae Asset Consulting holding 97.15% of Korbit's shares, positions the traditional finance entity as the exchange's largest shareholder.
Mirae Asset Group, reportedly managing $1 trillion in assets as of May, has expanded its reach into the digital asset space through this acquisition. Despite the change in majority ownership, Korbit has assured its users that the operational entity remains the same and that services, including trading, deposits, and withdrawals, will continue without interruption. User funds and virtual assets will continue to be segregated from corporate assets, adhering to South Korean regulations.
The acquisition highlights a growing trend of traditional financial institutions seeking to enter the cryptocurrency market by acquiring existing licensed exchanges. This strategy is particularly relevant in markets like South Korea, where retail crypto trading volumes are substantial. Similar moves have been observed in Asia, with Japan's SBI Group acquiring Bitbank and a majority stake in Singapore's Coinhako.