Mirae Asset sets $109 bil. target for digital asset business
Summary
Mirae Asset Financial Group plans to build a 150 trillion won digital asset business around Digital X, formerly Korbit, as a new growth engine. Founder Park Hyeon-joo outlined the goal at a Seoul event on Wednesday, saying the group wants the business profitable by 2027. The group is considering up to 300 billion won in additional capital and may seek a third-party allotment in the first quarter of next year. Digital X will focus on crypto, stablecoins, real-world assets and security token offerings.
Key Facts
- Mirae Asset Consulting acquired a 97.15 percent stake in Korbit in July and later renamed the exchange Digital X.
- Park said the group has 1,500 trillion won in client assets and wants to use that base to grow the digital asset business to 150 trillion won.
- The group is considering a 200 billion to 300 billion won third-party allotment in the first quarter of next year, depending on earnings improvement.
- Digital X plans to tokenize physical assets including gold, silver and electricity as part of an on-chain finance ecosystem.
Park Hyeon-joo, Mirae Asset Financial Group founder and chairman, speaks during an event for Digital X employees in Seoul, Wednesday, titled "A New Voyage Begins, Together." Courtesy of Digital X
Mirae Asset Financial Group plans to build a 150 trillion won ($109 billion) digital asset business around Digital X, formerly known as Korbit, as it seeks to make crypto and blockchain-based finance a new growth engine, its founder said Thursday.
Park Hyeon-joo, the group’s founder and chairman, outlined the ambition at an event for Digital X employees in Seoul on Wednesday, titled “A New Voyage Begins, Together.”
Mirae Asset Consulting, a nonfinancial affiliate of the group, acquired a 97.15 percent stake in Korbit in July and subsequently renamed the cryptocurrency exchange Digital X.
The group aims to turn the digital asset business profitable by 2027 and is considering injecting up to 300 billion won in additional capital to expand its operations.
“Our initial goal is to make Digital X a core pillar of ‘Mirae Asset 3.0’ and grow the digital asset business to 150 trillion won by leveraging the group’s 1,500 trillion won in client assets,” Park said.
He indicated that the group could provide further capital as the business scales. Mirae Asset may pursue a 200 billion to 300 billion won third-party allotment in the first quarter of next year, depending on the pace of earnings improvement.
Digital X will focus on four areas: crypto, stablecoins, real-world assets and security token offerings. It is also set to tokenize physical assets including gold, silver and electricity, while building an “on-chain finance” ecosystem around blockchain technology.
The company plans to develop financial products and services using digital assets and make proprietary investments to strengthen its position in the market.
The longer-term goal is to build a global platform that brings traditional and digital assets under one roof, with Digital X at its center, Park said.
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