OKX And Korea Investment & Securities Eye Dual 20% Stakes In Coinone Amid South Korea’s Crypto Consolidation Wave
In Brief
OKX and Korea Investment & Securities are in talks to each acquire a 20% stake in Coinone, signalling growing foreign interest in South Korea’s fast-consolidating crypto market.
Cryptocurrency exchange OKX is in discussions with Korea Investment & Securities to jointly acquire stakes in Coinone, South Korea’s third-largest crypto exchange. The two parties are each considering acquiring approximately a 20% stake in the platform, in what would mark a shake-up in the country’s fast evolving digital asset market.
The preferred investment structure centers on the issuance of new shares rather than the sale of existing ones, a move designed to maximize fresh capital inflows into Coinone. Given this structure, the deal is expected to take the form of a financial investment, meaning Coinone’s current management control would remain intact under its existing major shareholders. These include The One Group, which holds a 34.30% stake, Com2uS Holdings with 21.95%, CEO Cha Myung-hoon at 19.14%, and Com2uS Plus at 16.47%. Cha, who is also the largest shareholder of The One Group, founded Coinone.
Coinone is presently in talks with multiple companies regarding strategic equity investment partnerships, but said no final agreement has been reached.
A Gateway for Global Exchanges Into Korea’s Won Market
OKX ranks among the world’s top cryptocurrency exchanges alongside Binance and Coinbase. Should the investment go ahead, its entry into the South Korean market would be closely watched given the scale of its global operations. Some industry observers note that OKX may not limit itself to a passive financial stake and could eventually seek a more active management role or meaningful operational influence over Coinone.
If that were to happen, it would mark only the second time a major overseas exchange has attempted to gain control of a Korean won-denominated exchange, following Binance’s acquisition of a stake in Streami, the operator of Gopax.
Regulatory developments will be a key variable. The ruling party and government are currently working on legal and institutional reforms, including potential restrictions on the shareholding limits for major cryptocurrency exchange investors.
The potential OKX-Coinone deal comes amid sweeping consolidation across South Korea’s crypto sector. Mirae Asset Consulting recently agreed to acquire a 92.06% stake in Korbit for approximately 133.5 billion won, pending a Fair Trade Commission review. Separately, Hana Bank announced plans to acquire a 6.55% stake in Dunamu, the operator of Upbit, for over 1 trillion won, as part of a partnership focused on foreign remittances and Korean won stablecoin services. If OKX participates in a domestic exchange investment, it would effectively extend the ongoing realignment within the digital asset ecosystem beyond Korea’s borders.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
