OKX Eyes Major Stake in South Korea’s Crypto Exchange Coinone

OKX plans a possible investment in crypto exchange Coinone as South Korea’s crypto market attracts major global exchanges and financial companies.

South Korea’s crypto market may soon see a major global partnership. OKX is discussing a possible investment in Coinone, South Korea’s third-largest crypto exchange. According to Yonhap News, OKX is working with Korea Investment & Securities on the possible deal.

Both companies are reportedly considering acquiring almost 20% of Coinone’s shares. Moreover, the investment may happen through new share issuance. This would enable Coinone to get new capital for business expansion.

OKX May Expand Its Presence in South Korea

Coinone confirmed that talks are taking place with several companies. The exchange, however, added that there is no final deal yet. So, the talks could still evolve in the next few weeks.

OKX is one of the world’s biggest crypto exchanges. The platform competes with Binance and Coinbase in the global crypto market. Because of this, many investors are closely watching the situation.

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If the investment proves to be successful, OKX may be able to consolidate its foothold in the South Korean crypto market. In addition, the company can strengthen its relationship with financial companies and blockchain businesses in Korea.

The investment will primarily be in the financial sector, according to reports. So, Coinone’s current management structure might remain the same. The deal, however, could bring in significant new capital for the company.

Coinone currently has a number of big shareholders. The One Group has a stake of 34.30% in the exchange. Com2uS Holdings, meanwhile, holds 21.95% of the company.

CEO Cha Myung-hoon also holds 19.14% of the shares. Com2uS Plus also has a stake of 16.47% in the exchange. CEO Cha is one of the most influential people within Coinone.

South Korea’s Crypto Industry Sees Big Changes

Some industry experts think OKX could want more influence in the future. The company may attempt to participate in management decisions or increase its control in the future. Hence, many are drawing parallels with Binance’s previous investment in Gopax operator Streami.

Government regulations can also influence the final result. South Korean legislators are in talks on new crypto rules. Some proposals are on the ownership ceiling of key shareholders of virtual asset exchanges.

Meanwhile, traditional financial institutions are also making a rapid entrance into the crypto sector. In recent times, Mirae Asset Consulting has agreed to purchase a 92.06% stake in Korbit for 133.5 billion won. But the business deal has yet to be approved by regulators.

Hana Bank also upped its crypto investments in the meantime. The bank will purchase a 6.55% stake in Dunamu, the operator of Upbit, for 1.033 trillion won. Both companies plan to work on foreign remittance services and won stablecoin projects.

The industry’s officials feel that these partnerships are reshaping the South Korean crypto market. According to one official, OKX’s investment will help bolster partnerships between digital assets across the globe. As a result, numerous businesses are now looking into similar business ventures.

South Korea remains one of the world’s largest markets for cryptocurrencies. As a result, many exchanges from around the world desire to be in a more powerful position within the country. With the competition increasing, more partnerships and investments will likely emerge in the near future.

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