Coinone, a prominent virtual asset exchange in South Korea, has announced strategic equity investment agreements with OKX Ventures and Korea Investment & Securities (KIS), both committing KRW80 billion (approximately $53 million) for a 19.6% stake in the company. This collaboration will position KIS and OKX Ventures as joint third-largest shareholders of Coinone, pending regulatory approval, behind CEO Cha Myung-hun, who holds a 27.8% stake, and Com2uS Holdings along with its affiliates at 25.0%.
The investment arrangement consists of a combination of secondary share purchases from existing shareholders and newly issued shares, allowing Cha to retain his status as the largest shareholder without any change in management control. This investment brings a dual focus to the exchange. KIS aims to leverage this partnership to engage in Security Token Offerings (STOs) and stablecoin initiatives, positing that South Korea’s rapidly evolving digital asset legislation creates favorable conditions for growth. Furthermore, both organizations plan to enhance their compliance infrastructure, addressing anti-money laundering (AML) measures and suspicious transaction detection while developing new products targeting institutional and derivatives markets.
On the other hand, OKX Ventures, the investment arm of the global exchange OKX, intends to infuse Coinone with its extensive operational experience. Coinone anticipates utilizing OKX’s comprehensive frameworks for user protection, security measures, and risk management protocols. Netero Dai, Vice President of Global Markets at OKX, highlighted South Korea as one of the leading digital asset markets internationally, underscoring the firm’s belief that “the future of finance will be built on compliant, well-regulated infrastructure.”
South Korea’s virtual asset market has surged in prominence within Asia, attributed to high levels of retail participation and regulatory frameworks such as the Virtual Asset User Protection Act, which is set to take effect in 2024. Coinone, recognized as a registered virtual asset service provider, has underscored the importance of compliance in competitive positioning, indicating that both investors view regulatory credibility as an asset rather than an obstacle.
CEO Cha Myung-hun expressed that Coinone deliberately chose partners capable of maximizing synergies, positioning the exchange strategically “in the new arena of blockchain-based digital financial infrastructure.” A joint press conference involving Coinone, OKX, KIS, and Com2uS Holdings is planned for June, where the involved parties will provide further details on the objectives and anticipated outcomes of this partnership. The investment agreements, however, remain contingent on regulatory approval, including endorsement of the revised major shareholder reports by South Korean financial authorities.
