Key Moments
- Mirae Asset Financial Group is in talks to acquire a combined 92% stake in South Korean crypto exchange Korbit from NXC and SK Planet.
- The deal could value the stake at 100-140 billion won ($70-98 million), according to sources.
- This move follows a trend of traditional financial firms entering crypto markets, after deals by IG Group, Robinhood, and Crypto.com.
Strategic Move Into South Korea’s Crypto Market
Mirae Asset Financial Group is negotiating to secure a majority interest in Korbit, South Korea’s fourth-largest cryptocurrency exchange. The combined stake could be valued at 100-140 billion won ($70-98 million).
The Seoul-based group is discussing a 60.5% purchase from NXC, Korbit’s largest shareholder, along with a 31.5% stake from SK Planet. If finalized, Mirae Asset would control 92% of Korbit.
This acquisition gives Mirae Asset a direct presence in the domestic crypto market. Upbit and Bithumb currently handle over 95% of trading activity, leaving Korbit with a smaller share.
Mirae Asset’s Entry Into Digital Assets
Since the late 1990s, Mirae Asset has focused on conventional financial services. It has not operated in crypto before, making this acquisition its first move into digital assets.
The deal would be led by Mirae Asset Consulting, the group’s real estate and consulting division. This unit sits atop a corporate structure that includes securities, asset management, venture capital, life insurance, and pension businesses.
An industry source told The Korea Times, “This bid aligns with Park’s vision for digital asset innovation. Korbit has had limited presence, but Mirae Asset’s decades of expertise could support a differentiated strategy.”
Deal Structure Overview
| Buyer | Target | Sellers | Stake Sought | Indicative Valuation |
|---|---|---|---|---|
| Mirae Asset Financial Group | Korbit (South Korean crypto exchange) | NXC, SK Planet | 92% (60.5% from NXC, 31.5% from SK Planet) | 100-140 billion won ($70-98 million) |
Traditional Finance Accelerates Crypto Expansion
Mirae Asset’s potential entry comes amid a wave of acquisitions by financial and crypto firms. These deals aim to expand digital asset services and reach new markets.
For example, IG Group acquired Australian exchange Independent Reserve for £87 million. This gave IG Group 129,400 funded accounts and A$1.7 billion in assets. Robinhood bought Bitstamp in June, gaining over 50 licenses and customers across multiple regions. Crypto.com also acquired CySEC-regulated Allnew Investments to secure a MiFID license.
Competitive Landscape and Strategic Rationale
Global players such as BlackRock, Coinbase, Visa, and Mastercard are actively entering the digital asset ecosystem. Deals like Korbit’s acquisition can be meaningful, even for smaller platforms.
South Korea’s crypto market remains concentrated. Upbit and Bithumb dominate, while Coinone, Korbit, and GOPAX share the remaining volume. It is uncertain if Mirae Asset’s experience in traditional finance will change this structure.
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