A Big Move in the Korean Crypto World

In a surprising turn of events, Mirae Asset Consulting is set to take over a major part of Korbit, a well-known crypto exchange in South Korea. This deal is worth a whopping $93 million. The company is buying 26.9 million shares, which means they will own more than 92% of Korbit. All of this money will come from their own funds.

Expansion into Digital Assets

The main goal here is to grow in the digital asset world. Mirae Asset wants to use Korbit as a stepping stone to expand its business. The board gave the green light on February 5th, but rumors about this deal started last year. The deal isn't final yet. It will only be completed once all the legal stuff is sorted out, and that should happen within a week after everything is in place.

Korbit's Recent Success

Korbit has been doing well lately. In its last fiscal year, it made a profit of 9.8 billion won, which is a big change from its previous losses. The exchange is mostly owned by NXC and its subsidiary, Simple Capital Futures, who together own about 60.5% of it. SK Square also has a big stake, owning 31.5%.

Licensed and Ready for Expansion

Korbit has a full license to operate, which makes it a good choice for big financial groups looking to get into the crypto world. It's not the only exchange in South Korea exploring a sale. Coinone is also looking to sell its controlling stake.

Market Position

When it comes to trading volume, Korbit is not the biggest player in South Korea. According to CoinGecko, Korbit's daily trading volume is around $59.9 million. That's a lot less than Upbit, which has about $2.16 billion in daily trading volume, and Bithumb, which has around $1.36 billion. Other smaller exchanges have even less trading activity.

Future Implications

This move by Mirae Asset could shake things up in the Korean crypto market. It will be interesting to see how this plays out and what it means for the future of digital assets in South Korea.