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- Korea Investment & Securities and OKX are reportedly in talks to buy 20% of Coinone each, focusing on fresh capital through new shares.
- OKX, a top-tier global exchange, marks a significant push by international players into the South Korean crypto market.
- This move follows massive investments by Mirae Asset and Hana Bank, signaling a trend of traditional finance merging with digital assets.
South Korea’s crypto market is bracing for a major shake-up as global players like OKX and local finance giants move in. Notably, Korea Investment & Securities is reportedly seeking a significant stake in Coinone, signaling a shift toward institutional dominance in the region.
However, they won’t be going at it alone. In fact, reports state that they have formed a partnership with OKX, a world-class company that is a strong competitor to other major players such as Binance and Coinbase.
According to sources from the finance industry, both parties are considering a possible agreement where each takes up about 20% equity from Coinone’s shares. The acquisition will not entail purchasing existing shares from other people. Rather, it will involve issuing new shares that will bring more funds to Coinone.
OKX Eyes Coinone Control Amid Regulatory Shifts
At present, Coinone’s management is under the leadership of various shareholders, such as The One Group, Com2uS Holdings, and the CEO himself – Cha Myung-hoon. Although it may be considered just another investment deal, experts find it unlikely that a player of the stature of OKX will simply limit themselves to the money side of the issue.
Based on past experience, international exchanges have always sought to gain more influence and become involved in the management after getting a foothold on the market. In case OKX seeks to obtain even greater involvement in the project, it would not be the first time, as there was a similar case when Binance tried to join the local market via Gopax.
At present, the issue of possible investors is under discussion among both regulators and government officials in Korea. This change in legislation might turn out to be either an obstacle or a guideline for such collaboration in the future.
Traditional Finance Enters the Digital Fray
This proposed partnership falls under the broader pattern where institutions belonging to “Old Money” are heavily investing in platforms from “New Money.” For example, Mirae Asset Consulting attempted to buy out more than 90 percent of Korbit for 133.5 billion won.
At the same time, Hana Bank has invested more than one trillion won into the share purchase of Dunamu, which powers the exchange Upbit. The investments point to the breaking down of the barrier between traditional banks and digital currencies.
As one industry official pointed out, the investment of a major player like OKX in a local exchange not only signifies a business transaction but also indicates a strategic partnership between Korea’s digital asset industry and the world market. As the Fair Trade Commission evaluates the mergers, industry experts watch out to see whether the capital infusion brings about market stability or leads to domination by foreign entities.
Also Read: Bitcoin Becomes the Ultimate Form of Capital as Dollar Supply Dilutes 7% Annually
