OKX Ventures has announced a substantial investment in South Korea’s cryptocurrency exchange Coinone, committing 80 billion won (approximately $53 million) for a 19.6% equity stake. This move is significant as it represents one of the largest recent investments by an international crypto firm into South Korea’s burgeoning digital asset market. The announcement was made on Friday, underscoring the increasing interest in the region’s cryptocurrency landscape.
In a parallel development, Korea Investment & Securities (KIS), one of South Korea’s foremost brokerages, will make an identical investment of 80 billion won, thereby also acquiring a 19.6% stake in Coinone. This transaction is contingent upon regulatory approval, which is standard for investments of this magnitude in South Korea.
The total deal amounts to 160 billion won, which will be executed through a combination of secondary share purchases from current shareholders and subscriptions for newly issued shares. This structured approach is designed to enhance the capital base of Coinone while providing a market entry for both OKX Ventures and KIS.
Following the completion of this investment, Coinone’s CEO Cha Myunghun will remain the largest shareholder with a 27.8% stake, ensuring that he retains management control of the exchange. Additional stakeholders will include Com2uS Holdings and its affiliates, who will possess a combined 25% stake. The investments from OKX Ventures and KIS position them as the joint third-largest shareholders in the exchange.
This deal formalizes earlier conversations about potential stakes, which were first reported by Yonhap news agency earlier this month. The discussions highlighted the interest from both OKX and KIS in acquiring significant portions of Coinone, reflecting the strong appetite for growth within South Korea’s digital asset sector.
