OKX Ventures acquires $53 million stake in Coinone exchange

OKX Ventures, the investment arm of the cryptocurrency exchange OKX, has acquired a 19.6% stake in the South Korean crypto exchange Coinone for KRW 80 billion, equivalent to about $53 million. This investment represents a substantial commitment from a global crypto player into South Korea's burgeoning digital asset sector.

In a parallel move, Korea Investment & Securities (KIS), a prominent brokerage in South Korea, will also invest KRW 80 billion for an identical 19.6% stake, pending regulatory approval.

The total valuation for this transaction is KRW 160 billion (approximately $106 million) and includes both secondary share purchases from existing shareholders and new share subscriptions, as detailed by the involved parties.

Following this investment, Coinone's CEO Cha Myunghun is set to retain his status as the largest shareholder, holding a 27.8% share, which allows him to maintain control over the company's management. Com2uS Holdings and its subsidiaries will collectively hold a 25% stake, while OKX Ventures and KIS will become the joint third-largest shareholders.

This transaction formalizes earlier reports indicating that OKX and KIS were in discussions to acquire around 20% stakes in Coinone, as noted by Yonhap.