Korea Investment & Securities is reportedly in talks to acquire Coinone, the country’s third biggest cryptocurrency exchange, multiple South Korean media outlets said, citing anonymous industry sources. The firm’s holding company, Korea Investment Holdings, has an estimated market cap of up to $8.5 billion.
The potential move comes as brokerages rework digital plans while waiting on tokenisation laws in the National Assembly. An unnamed securities industry official told South Korean newspaper Korea Herald: “Firms are instead accelerating their efforts in crypto.”
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If the purchase proceeds, Korea Investment & Securities could face direct competition from a close rival. Mirae Asset is reportedly looking to finalise a deal to buy the Korbit exchange in the weeks ahead. The reports follow other media coverage that US exchange Coinbase had recently explored a possible Coinone takeover.
Both Coinone and Korea Investment & Securities declined to confirm deal details. “We are interested in the digital asset business,” a KIS official told Daily Hankook. “Nothing has been decided regarding this matter yet.” A Coinone spokesperson told the same outlet: “As interest in the crypto sector increases, we are receiving various collaboration proposals. We have discussed collaboration proposals with various entities as we keep our options open.” Bitcoin was trading at $69,777 and Ethereum at $2,153 per coin, the report added.
The recap
- Korea Investment & Securities is exploring acquisition of Coinone exchange
- Korea Investment Holdings market cap estimated up to $8.5 billion
- Mirae Asset aims to finalise Korbit takeover in coming weeks
