Mirae Asset, a financial group based in Seoul, is looking into the acquisition of South Korean cryptocurrency exchange Korbit, reportedly stated by the Korea Times on Monday.
The company is negotiating to buy 92% of Korbit, with a price tag reaching up to 140 billion won ($97 million), as per industry figures cited in the report.
Mirae Asset is well-known in conventional finance (TradFi) in South Korea, providing asset management, wealth management, investment banking, and insurance. This acquisition would mark its initial foray into a cryptocurrency-related venture.
An unnamed official mentioned that Mirae’s founder, Park Hyeon-joo, has highlighted the importance of exploring opportunities to integrate traditional and digital assets, as noted in the report.
“Korbit has traditionally had a limited market presence, but the decades of expertise from Mirae Asset Financial Group could enable it to adopt a unique strategy,” the official remarked.
This exchange ranks fourth among the six licensed in South Korea by trading volume, as reported by CoinGecko. Its 24-hour trading volume of $11.8 million pales in comparison to Upbit’s $1.2 billion and Bithumb’s $475 million, while Coinone holds the third position with a volume of $58 million.
Neither Mirae Asset nor Korbit responded to CoinDesk’s request for additional comments.
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