Mirae Asset Group is reportedly negotiating a potential acquisition of Korbit, a significant cryptocurrency exchange in South Korea, in a deal estimated between $70 million and $100 million. This transaction could allow Mirae Asset to expand into the digital asset market through its consulting affiliate, which has signed a memorandum of understanding with Korbit’s main shareholders.
Korbit, South Korea's fourth-largest crypto exchange, is primarily owned by NXC and its subsidiary Simple Capital Futures, which hold approximately 60.5% of the company, while SK Square possesses an additional 31.5%. The exchange has a fully operational license, making it a strategic target for financial firms aiming for regulated participation in cryptocurrencies.
Despite its regulatory advantages, Korbit's market presence is limited, with a mere $5.75 million in daily trading volume, accounting for less than 1% of the total trading activity in South Korea. In comparison, Upbit leads the market with over $768 million in daily trades. This disparity highlights the challenging landscape Korbit faces in gaining market share.