ChainCatcher reports, according to Cointelegraph, Mirae Asset Group is in negotiations to acquire Korbit, South Korea’s fourth-largest cryptocurrency exchange, with a transaction valuation of approximately 100 to 140 billion won, equivalent to about $70 to $100 million.
This potential acquisition will be led by Mirae Asset Consulting, a non-financial subsidiary of Mirae Asset Group, which has already signed a memorandum of understanding with Korbit’s major shareholders. Public information shows that Korbit is currently held by NXC and its subsidiary Simple Capital Futures with a combined stake of about 60.5%, while SK Square holds an additional 31.5%.
The report notes that Korbit holds full operational licenses and a compliance framework, making it attractive to large financial groups seeking to enter the digital asset space in a compliant manner. However, in terms of market share, Korbit has a limited presence in the South Korean cryptocurrency trading market.
CoinGecko data shows that out of a total 24-hour trading volume of about $1.21 billion across South Korea’s six major exchanges, Korbit contributes only about $5.75 million, accounting for less than 1%. In contrast, Upbit, Bithumb, and Coinone hold significantly larger shares. Previous reports indicated that Naver Financial also plans to acquire Dunamu, the operator of Upbit, through a stock swap, highlighting the ongoing efforts by traditional financial and tech giants in South Korea to expand their presence in the cryptocurrency asset sector.
