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South Korea’s Mirae Asset Group is in negotiations to acquire Korbit, the country’s fourth-largest cryptocurrency exchange by trading volume, in a potential deal valued between 100 billion and 140 billion Korean won (approximately $70 million to $100 million).
The acquisition would be led by Mirae Asset Consulting, a non-financial affiliate of the group, which has reportedly signed a memorandum of understanding (MOU) with Korbit’s major shareholders. Korbit is primarily owned by NXC (the holding company of gaming giant Nexon) and its subsidiaries, controlling about 60.5% of shares, with SK Square (formerly SK Planet) holding around 31.5%.
Founded in 2013, Korbit was South Korea’s first crypto exchange and the world’s inaugural Bitcoin-Korean won trading platform. It operates under the nation’s stringent regulatory framework, holding a full license. However, its market share remains modest at under 1% of domestic trading volume, trailing leaders Upbit (over 60%) and Bithumb.
The move reflects growing institutional interest in South Korea’s digital asset market, amid regulatory shifts allowing greater participation. Using a non-financial subsidiary helps navigate rules separating traditional finance from crypto businesses. Previous interest from exchanges like Bybit highlights competition for licensed platforms.
Analysts see the deal as part of a broader trend, including Naver Financial’s planned merger with Upbit operator Dunamu, signaling consolidation and traditional finance’s push into regulated crypto infrastructure.
Neither Mirae Asset nor Korbit has confirmed the talks, and the deal requires due diligence, final negotiations, and regulatory approval from bodies like the Financial Services Commission. If completed, it would mark a significant entry by a major financial conglomerate into South Korea’s crypto sector, potentially boosting institutional adoption and competition.
