Mirae Asset Group is seeking to purchase Korbit at a price ranging between 100 and 140 billion won. This transaction would shift the ownership of the fourth-largest crypto exchange in Korea amid changes in the market.
The financial giant is pushing ahead with its Korbit purchase plans. Chosun reports that Mirae Asset Consulting has reached an MOU with the major shareholders of Korbit.
Involved are major Korean companies. NXC- the holding company of Nexon- owns approximately 60.5 per cent through Simple Capital Futures, and SK Square owns approximately 31.5 per cent of Korbit. The amount of the transaction is 100-140 billion won.
Market Position Reveals Fierce Competition
Only 0.5% of the crypto trading in Korea can be attributed to Korbit. Upbit holds 64.2 percent market share, then Bithumb with 24.4 percent, and Coinone with 10.8 percent of recent 24-hour transactions.
The transaction is an indication of crypto ambition by Mirae Asset. Industry sources attest that Mirae Asset Consulting is in negotiation with the shareholders. The non-financial affiliate spearheads the acquisition, and the primary stakeholders are NXC and SK Square.
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Strategic Move Into Digital Assets
Mirae Asset is seeking to go beyond conventional finance. Korbit is a well-known crypto exchange that actively covers Korean traders. There is a trend of market consolidation in digital-asset exchanges.
Financial arrangements are in negotiation. The MOU is the initial phase of the contract, and the final terms have to be given the green light by both NXC and SK Square. The development is closely monitored by industry observers.
The fact that Korbit has a smaller market share creates growth opportunities. The leading trading positions are occupied by Upbit and Bithumb, with Coinone coming in third place. Korean crypto competition gets more intense every day.
The deal is pending regulatory approval and final deals. The acquisition strategy is led by Mirae Asset Consulting, and the virtual-asset industry confirms that the company discusses the strategy with shareholders. The market observers anticipate prospective ownership.
The crypto-exchange environment in Korea can transform within the next few weeks. Significant financial conglomerates are actively entering digital-asset markets, integrating both classic finance with blockchain technologies via strategic acquisitions. The future ownership structure of Korbit is under negotiation.
Source: https://www.livebitcoinnews.com/mirae-asset-eyes-korbit-in-bold-crypto-play/
