CumberlandKorbit, South Korea's first cryptocurrency exchange, has joined the Mirae Asset Group family, marking the first time a traditional Korean financial group's affiliate has taken a controlling stake in a domestic crypto exchange.
South Korea's oldest crypto exchange is now part of the $1 trillion Mirae Group family
Korbit, South Korea's first cryptocurrency exchange, has joined the Mirae Asset Group family, marking the first time a traditional Korean financial group's affiliate has taken a controlling stake in a domestic crypto exchange.
Mirae Asset Consulting, an affiliate of financial giant Mirae Asset Group, now holds a 97.15% stake in Korbit. This makes Mirae Asset Consulting Korbit’s largest shareholder but does not change the corporate entity operating the exchange or disrupt user services, deposits or withdrawals.
Korbit, South Korea's first homegrown crypto exchange founded in 2013, now has a new home and its a traditional finance behemoth.
The exchange announced Thursday that it is now part of the Mirae Asset Group family, which reportedly had an AUM of $1 trillion as of May.
The acquiring entity is Mirae Asset Consulting, an affiliate of Mirae Asset Group, which has acquired Korbit's shares through mandated regulatory reporting procedures, becoming the largest shareholder. The announcement clarified that there are no changes to Korbit Co., Ltd., the corporation that operates Korbit.
The affiliate firm also looks after the group's hotels and golf course businesses and now reportedly holds a 97.15% stake in Korbit.
For the exchange users, the acquisition by the Mirae affiliate brings no immediate disruption. The exchange said that all services, such as login, trading, deposits and withdrawals, will continue without interruption. User deposits and virtual assets will continue to be held separately from company assets, consistent with South Korea's Act on the Protection of Virtual Asset Users. Personal data processing also remains unchanged and requires no action from users.
The deal is a telltale sign of traditional players increasingly looking at existing crypto participants to expand their footprint in digital assets. Especially in a country like South Korea where retail crypto trading volumes often rival those on stock exchanges, owning a licensed exchange becomes a meaningful strategic asset.
A similar trend has been seen in other parts of Asia. For instance, SBI Group, the Japanese financial conglomerate, agreed to acquire the Tokyo-based crypto exchange Bitbank for $289 million and to purchase a majority stake in the Singapore-based Coinhako.
CoinDesk reached out to both Mirae and Korbit for comment.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
XRP whales accumulate as small holders capitulate
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