Korea Investment Securities is reportedly in discussions to acquire a stake in Coinone, a prominent domestic digital asset exchange, in collaboration with global digital asset exchange OKX. This potential investment has captured the industry’s attention, raising speculation about its eventual confirmation.
Industry sources revealed that both Korea Investment Securities and OKX are considering acquiring approximately 20 percent of Coinone each. The investment is anticipated to be structured around the issuance of new shares, which would inject fresh funds directly into Coinone. This approach signifies a focus on financial investment rather than seeking management control of the exchange.
Currently, Coinone’s major shareholders include The One Group with 34.3 percent, Com2uS Holdings at 21.95 percent, CEO Cha Myung-hoon with 19.14 percent, and Com2uS Plus at 16.47 percent. Cha, who is Coinone’s founder, is also the largest shareholder of The One Group.
OKX is recognized as a significant player in the global digital asset exchange market, alongside competitors such as Binance and Coinbase. If OKX proceeds with the investment in Coinone, it could greatly influence its entry into South Korea’s digital asset landscape.
Speculation persists that OKX might not limit its involvement to a mere financial stake; there are concerns it may eventually seek a managerial role or substantial influence over Coinone. This scenario mirrors previous attempts, like Binance’s investment in Streami (Gopax), which marked a significant overseas interest in domestic won-based exchanges.
A critical factor affecting the outcome of this investment is the ongoing legal and institutional reforms being implemented by the South Korean government, which may impose restrictions on stakeholdings by major shareholders in digital asset exchanges. These regulations could potentially alter the framework within which foreign exchanges and financial firms can invest in domestic markets.
Interest in partnerships with financial firms has been a growing trend among South Korea’s digital asset exchanges. For instance, Mirae Asset Consulting is in the process of acquiring a 92.06 percent stake in Korbit for approximately 133.5 billion won, pending approval from the Fair Trade Commission. Additionally, Hana Bank recently announced its intention to acquire a 6.55 percent stake in Dunamu, the operator of Upbit, for around 1.0033 trillion won, with plans to explore foreign-currency remittances and a won-denominated stablecoin venture.
Coinone has acknowledged discussions with several companies regarding potential strategic equity investments, although no agreements have been finalized at this juncture. As the digital asset market evolves, these developments could reshape the landscape of investments in South Korea’s cryptocurrency sector.
