OKX Ventures has announced its intention to acquire a 19.6% stake in Coinone, a prominent South Korean cryptocurrency exchange, through an investment of 80 billion won (approximately $53 million). This acquisition aims to strengthen OKX’s foothold in one of Asia’s leading digital asset markets, pending regulatory approval.
The partnership will see Korea Investment & Securities (KIS) matching this investment, positioning both firms as Coinone’s joint third-largest shareholders. Following the transaction, which includes secondary share purchases from Coinone CEO Cha Myung-hun and gaming company Com2uS, both OKX Ventures and KIS will each control a significant stake in the exchange, trailing only behind Cha and Com2uS Holdings, which collectively own a total of 52.8%.
Coinone has stated that the investment entails a combination of purchasing existing shares from prominent stakeholders and subscribing to newly issued shares. This strategic move is particularly significant in light of the growing interest from international cryptocurrency firms in South Korea’s heavily regulated digital asset market, following a similar acquisition by Binance of the rival exchange Gopax.
Netero Dai, vice president of OKX Global Markets, noted South Korea’s status as one of the most sophisticated digital asset markets globally, highlighting the respect for its regulatory framework on the international stage. He expressed that this investment aligns with OKX’s belief in a compliant and well-regulated financial future, emphasizing cooperation with KIS to enhance user protection, security systems, and risk management practices.
The Coinone investment comes amidst a broader trend where South Korea’s financial institutions are expanding their involvement in the cryptocurrency sector. Recently, three subsidiaries of Samsung announced plans to invest roughly $408 million in Dunamu, the parent company of Upbit, acquiring a combined 4% ownership stake. Additionally, Mirae Asset revealed plans to purchase a 92% stake in the cryptocurrency exchange Korbit.
Major financial institutions, such as KB Kookmin, Shinhan, and NHN KCP, have also begun partnerships with blockchain networks including Solana and Avalanche to develop payment infrastructures involving tokenized deposits and stablecoins. As these institutions increase their exposure to crypto assets, discussions regarding South Korea’s proposed Digital Asset Basic Act—a comprehensive legislative framework for the digital asset industry—continue, although its timeline for implementation remains uncertain.
In a related development, international financial firms are increasingly collaborating with cryptocurrency-native companies. For instance, in May, Intercontinental Exchange (ICE), recognized as the owner of the New York Stock Exchange, reinforced its partnership with OKX by announcing plans to support perpetual oil futures tied to ICE Brent and West Texas Intermediate benchmarks.
This investment landscape highlights the dynamic nature of the cryptocurrency sector and the growing interconnection between traditional and digital finance, particularly in regions with established regulatory frameworks like South Korea.
