Coinbase Considers Investment in South Korean Exchange Coinone: Report

Coinbase is exploring a possible equity investment in Coinone, South Korea's third-largest cryptocurrency exchange. This comes as Coinone considers selling part of its controlling shareholder's stake. The market dynamics and regulatory landscape in South Korea are prompting increased interest in crypto transactions and partnerships from global firms.

Key Takeaways

Coinbase is looking at investing in Coinone, one of South Korea's notable crypto exchanges.
Coinone's chairman, Cha Myung-hoon, is reportedly seeking to sell part of his 53.44% stake.
Coinone is actively enhancing its technology as it approaches a 10% market share.
There has been a surge in deal-making activity in South Korea's cryptocurrency sector.
Coinone has launched innovative products, like the first flexible Bitcoin staking service in South Korea.

Coinbase

Coinbase's Interest in Coinone

Coinbase is contemplating an investment in Coinone, South Korea's third-largest cryptocurrency exchange. This potential collaboration comes as Coinone is looking at different options related to selling a portion of the stake held by its chairman, Cha Myung-hoon.

A recent report indicated that Coinone is now on the market and exploring its options linked to Cha's shareholdings, which include a total of 53.44% through his individual investment and his holding company, The One Group. Speculation around a possible sale grew after Cha returned to management just four months after stepping down as CEO, leading some analysts to believe that this might be a precursor to a stake sale.

Technological Enhancements Amid Financial Losses

Coinone has mentioned that Cha’s return aims to enhance the company's technological capabilities as it approaches a double-digit market share in the competitive crypto landscape, particularly by expanding into areas like artificial intelligence.

There is also growing attention on Com2uS, a gaming group that acquired a 38.42% stake in Coinone between 2021 and 2022. Despite these developments, Coinone has been facing financial losses that have impacted its valuation. According to the Seoul Economic Daily, the exchange's book value was recorded at 75.2 billion won ($52 million) at the end of the third quarter, which is lower than what Com2uS paid for its stake.

Industry insiders report that Coinbase is planning a visit to South Korea this week, intending to meet with significant local industry players, including Coinone, to explore potential partnerships and products that align with Korean regulations.

Rising Deal Activity in South Korea's Crypto Sector

The conversations about investment come amid a surge in deal-making activity within South Korea's crypto exchange sector. Traditional finance and major technology firms are increasingly interested in licensed platforms and trading infrastructures.

Recently, regulators approved Binance's long-standing proposal to acquire GOPAX, resulting in a flurry of acquisition interest in the market. Other significant developments include Naver Financial's agreement to acquire Dunamu, which operates the leading exchange, Upbit. Additionally, reports indicate that Mirae Asset Securities is looking to acquire Korbit.

Coinone is also attempting to set itself apart by launching new products; notably, it introduced South Korea's first flexible Bitcoin staking service in August 2025, allowing users to earn rewards without locking up their assets.

While discussions are ongoing, Coinone has stated that it has not finalized the structure or timeline for potential transactions, nor identified a specific buyer. However, the possibility of a partnership with Coinbase emerges at a time of significant transformation within Korea’s crypto exchange landscape, with global firms keenly observing for opportunities.