The convergence of traditional finance and crypto-assets is accelerating in South Korea. Mirae Asset Group, a financial services giant, has entered into exclusive negotiations to acquire Korbit, the country’s fourth-largest exchange platform, for $100 million. This strategic acquisition would signal institutional interest in regulated digital asset infrastructures.
A strategic deal valued at $100 million
According to several South Korean media outlets, Mirae Asset Consulting, a non-financial subsidiary of the group, is currently conducting negotiations. A memorandum of understanding has already been signed with Korbit’s majority shareholders regarding a potential acquisition.
Korbit’s current shareholding structure is dominated by two major players. NXC, the parent company of video game leader Nexon, holds a 60.5% stake and is the majority shareholder, while SK Planet retains a strategic stake of approximately 31.5%.
Sources close to the matter estimate the valuation at between 100 and 140 billion won ($70–100 million). If the acquisition goes ahead, it would represent a significant and rare entry by a major player from the traditional stock market into the Korean crypto ecosystem.
Regulatory compliance: Korbit’s key advantage
Korbit, founded in 2013 as the first exchange to offer the bitcoin/won pair, has seen its market share erode in the face of competition. The sector is now highly concentrated, dominated by Upbit with a 64.2% share of daily volumes, followed by Bithumb with 24.4% and Coinone with 10.8%. According to CoinGecko data from the past 48 hours, Korbit has a 0.5% market share.
While Korbit’s transaction volumes are low, the real value of the platform lies in the strength of its regulatory infrastructure. The platform offers significant strategic advantages to a potential buyer. It holds a fully licensed local operating licence and relies on established banking partnerships that facilitate fiat currency exchanges. It also already applies rigorous compliance protocols, particularly with regard to anti-money laundering (AML) and know-your-customer (KYC) measures.
For an institutional group such as Mirae, these assets are crucial. They offer immediate market access and the ability to rapidly deploy complex financial products, such as ETFs or spot trading, within a secure legal framework.
A race to build crypto infrastructure in South Korea
Mirae Asset’s interest comes amid increased competition and consolidation for exchange licences. Last November, local reports indicated that the international platform Bybit had also considered acquiring Korbit.
This underlying trend sees tech and traditional finance (TradFi) giants seeking to secure their place in Web3. For example, Naver Financial, a subsidiary of Naver, recently agreed to acquire Dunamu — the operator of the leading Upbit exchange — in a share transaction valued at over 15 trillion won (according to KBS NEWS).
An uncertain outcome
While the arrival of Mirae’s brand and distribution network could revitalise Korbit and counterbalance Upbit’s monopoly, caution remains paramount.
Neither party has publicly confirmed the financial terms at this stage. Discussions are ongoing, and the outcome of the deal will depend on the results of due diligence. One thing is certain: the distinction between traditional and crypto finance continues to blur in South Korea.
Sources: The Chosun Daily, CoinGecko
