OKX Ventures, the investment division of the cryptocurrency exchange OKX, has announced its acquisition of a 19.6% stake in South Korean crypto exchange Coinone for KRW 80 billion (approximately $53 million). This marks a significant investment from a global crypto entity into South Korea's digital asset market.
Korea Investment & Securities (KIS), one of the country's major brokerages, will also invest KRW 80 billion, securing an identical 19.6% stake upon finalization of the deal, which is contingent on regulatory approval.
The total transaction, valued at KRW 160 billion (around $106 million), will consist of secondary share purchases from current shareholders alongside subscriptions for newly issued shares, as stated by the companies involved.
Post-investment, Coinone's CEO Cha Myunghun is expected to maintain his position as the largest stakeholder with a 27.8% share, ensuring he keeps management control. Com2uS Holdings and its affiliates will hold a 25% stake, while OKX Ventures and KIS will become joint third-largest shareholders.
This agreement formalizes earlier discussions reported by Yonhap, which indicated that both OKX and KIS were looking into acquiring approximately 20% stakes in Coinone.