Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Mirae Asset eyes crypto asset exchange Korbit for acquisition
Mirae Asset Financial Group headquarters in downtown Seoul / Courtesy of Mirae Asset Fiancial Group
By Yi Whan-woo
Mirae Asset Financial Group is considering an acquisition of Korbit, the fourth-ranked among Korea’s five digital asset exchanges, sparking speculation that the deal could shake up a market long dominated by Upbit and Bithumb, according to industry officials Monday.
The Seoul-based financial group has been centering on traditional finance since its founding in the late 1990s and has no prior involvement in crypto-related businesses.
The officials said Mirae Asset is in talks to acquire a 60.5 percent stake from NXC, Korbit’s largest shareholder, and a 31.5 percent stake from SK Planet, its second-largest shareholder.
The combined 92 percent stake is estimated to cost between 100 billion won ($69.68 million) and 140 billion won.
The potential purchase would be led by Mirae Asset Consulting, the group’s real estate and consulting affiliate, about 60 percent of which is controlled by founder Park Hyeon-joo and his wife.
The consulting firm sits at the top of the group’s corporate structure, which spans securities, asset management, venture capital, life insurance and pension operations.
“A potential bid for Korbit is in line with Park’s vision for digital asset-based financial innovation,” an industry official said, noting that Park, now global strategy officer, has emphasized exploring businesses that connect traditional and digital assets worldwide.
“Korbit has historically had a limited presence, but Mirae Asset Financial Group’s decades of expertise could allow it to pursue a differentiated strategy,” he added.
Another official noted the acquisition could become “a new growth driver,” as global firms including BlackRock, Coinbase, Visa and Mastercard compete to secure a foothold in the digital asset ecosystem.
Currently, Upbit and Bithumb account for more than 95 percent of Korea’s crypto market, with Coinone, Korbit, and GOPAX sharing the remainder.