Mirae Asset Group Looks to Acquire Crypto Exchange Korbit for $100M

Mirae Asset Group is currently in discussions to acquire the cryptocurrency exchange Korbit, signaling a growing interest from traditional finance in the licensed crypto infrastructure.

Key Takeaways

Mirae Asset Group is in discussions to purchase Korbit, seeking to enter the regulated crypto exchange market in South Korea.
Korbit was established in 2013 and was the first exchange to offer Bitcoin-to-won trading.
The exchange currently holds a small market share, about 0.5%, amidst competition from Upbit and others.
The potential acquisition price is between 100B won and 140B won ($70M to $100M).
Industry competition for regulated licenses among exchanges in South Korea is intensifying.

Korbit

Mirae Asset Consulting, a non-financial division of Mirae Asset Group, has initiated talks with the major shareholders of Korbit, as reported by South Korean media. The discussions involve a potential purchase price ranging from 100 billion won to 140 billion won (approximately $70 million to $100 million). Korbit, a founding player in Korea's crypto market, offers valuable infrastructure despite its relatively small market share in a landscape increasingly dominated by larger exchanges like Upbit.

Banking Connections and Regulatory Advantages

Korbit was a trailblazer in South Korea's cryptocurrency landscape, launching in 2013 and introducing the first Bitcoin-to-won trading market. Today, it competes in a much more crowded environment, with Upbit dominating trading volumes. Recent data from CoinGecko indicates that Upbit accounts for 64.2% of local trading in a recent 24-hour period, while Bithumb follows with 24.4%, and Coinone captures 10.8%. Korbit remains significantly smaller, with only about 0.5% market share.

Despite its modest trading volume, Korbit offers significant advantages, including a regulated onshore trading platform, established banking relationships, compliance measures, and a customer base that could be leveraged for broader financial products, particularly as institutional investors seek clearer pathways into spot cryptocurrency trading.

Rising Institutional Interest Amidst Competitive Landscape

Mirae's interest in acquiring Korbit coincides with heightened competition for regulated crypto exchange licenses in South Korea. Recent reports indicate that Bybit, another crypto exchange, has also pursued the acquisition of Korbit. This competitive atmosphere is fueled by the initiative of major tech and finance companies in South Korea to scale up their presence in digital assets. Notably, Naver Financial has reached an agreement to buy Dunamu, the operator of the leading exchange Upbit, in a stock deal valued at approximately 15.13 trillion won as reported in late November.

For Korbit, the involvement of Mirae Asset Group could potentially enhance its standing and relevance within the local market, even as competition remains fierce and liquidity continues to concentrate among the largest exchanges.

As of now, neither Mirae Asset Group nor Korbit has publicly confirmed the discussions or terms, and the negotiations may evolve or halt as due diligence continues.