Korea Investment & Securities and the investment division of global virtual asset exchange OKX have solidified their positions as the joint third largest shareholders of Coinone, a prominent virtual asset exchange in South Korea. This announcement was made during a strategic equity investment agreement signing ceremony held at Coinone’s headquarters in Yeouido, Seoul, with key representatives from both investing entities, as well as Com2us Holdings.
The investment entails Korea Investment & Securities and OKX Ventures acquiring a portion of existing shares held by Coinone’s largest shareholder and CEO, Cha Myunghun, as well as the second largest shareholder, Com2us Holdings, along with new shares issued by the company. Each organization will acquire a 20% stake in Coinone, placing them behind CEO Cha, who holds 30.36%, and Com2us Holdings, which owns 24.54%. Importantly, CEO Cha will retain his management rights despite these changes.
Korea Investment & Securities articulated its motivation for the investment as a way to forge an ecosystem that merges traditional financial services with blockchain technology, positioning itself to create new growth opportunities. OKX Ventures is anticipated to contribute expertise in international market operations, facilitating collaborative efforts between OKX and Coinone.
Kim Sung-hwan, CEO of Korea Investment & Securities, highlighted this venture as a significant leap towards transitioning from conventional finance into blockchain-driven digital finance. He emphasized the intention to harness the distinctive offerings and innovative technologies of all parties involved to create a powerful synergy, aiming to lead the digital finance market. Plans to integrate compliance capabilities were discussed, with a vision of establishing a solid digital asset ecosystem and launching innovative financial products, including tokenized securities.
Netero Dai, Global Market Head of OKX, remarked on South Korea’s status as one of the most advanced digital asset markets globally, underpinned by a highly regarded regulatory framework. Dai expressed confidence that future financial systems will thrive on regulatory foundations and emphasized the significance of their investment in Coinone as aligned with this belief. He conveyed optimism about collaborating to deliver compliant digital financial services to Korean investors.
Com2us Holdings’ CEO, Jung Chulho, elaborated on the multifaceted efforts leading to this strategic partnership, expressing enthusiasm for enhancing corporate value and expanding globally through collaboration with new investors.
In a closing statement, CEO Cha Myunghun reaffirmed Coinone’s commitment to maximizing synergy through strategic partnerships and indicated that the company would take steps towards establishing a reliable and responsible ownership structure. He stressed the importance of compliance and communication with financial authorities to facilitate a smooth transition during the approval process of the changes in major shareholders.
