In a significant development for South Korea’s virtual asset market, Korea Investment & Securities and global cryptocurrency exchange OKX have announced a massive investment totaling 160 billion won into Coinone, the country’s third-largest virtual asset exchange. Each firm will contribute 80 billion won, allowing them to acquire a combined 40 percent stake in Coinone.
The investment comes as both firms look to deepen their presence in the domestic digital asset ecosystem and leverage synergies between traditional finance and blockchain technology. CEO Cha Myung-hoon of Coinone will retain his position as the largest shareholder with a 30.36 percent stake, while Com2us Holdings will hold a 24.54 percent stake. This strategic move positions Korea Investment & Securities and OKX Ventures as joint third-largest shareholders in Coinone, each holding approximately 19.6 percent after regulatory approvals.
The partnership was formalized during a signing ceremony at Coinone’s headquarters in Yeouido, Seoul, attended by a host of high-profile stakeholders, including Song Byung-joon, Chairman of Com2uS Holdings, and Kim Sung-hwan, President of Korea Investment & Securities. The agreement involves acquiring a mix of existing shares from Com2us Holdings and newly issued shares, strategically enhancing liquidity within Coinone.
The investment not only seeks to inject funds but also aims to implement advanced compliance and risk management systems, including anti-money laundering protocols. Korea Investment & Securities intends to leverage its expertise in institutional finance to facilitate new financial models that incorporate both traditional and virtual financial services, including security token offerings (STOs) and stablecoin initiatives.
Highlighting the importance of this investment, Kim Sung-hwan remarked that this marks the beginning of a new phase for digital finance beyond traditional boundaries. He emphasized their aim to leverage unique services and technologies from the partnering firms to shape the digital financial landscape.
OKX’s entry into this investment is viewed as part of a broader strategy to establish a legal foothold in the highly-regulated South Korean market, similar to actions taken by other global crypto exchanges. Netero Dai, CEO of OKX Global Markets, underscored South Korea’s reputation as a mature digital asset market with a robust regulatory framework, expressing confidence in the collaborative potential between all parties involved.
In light of the investment, Cha Myung-hoon promised ongoing dialogue with financial authorities to ensure a smooth transition and establish a responsible equity structure. The parties involved are set to hold a joint press conference in June to provide further insights into the objectives and anticipated outcomes of this strategic partnership, underscoring their commitment to advancing the trustworthiness and effectiveness of the virtual asset sector in South Korea.
