What to know:
- OKX Coinone investment gives OKX Ventures a 19.6% stake in the Korean exchange.
- KIS will also invest $53 million and receive a matching 19.6% Coinone stake.
- The deal makes OKX Ventures and KIS joint third-largest shareholders in Coinone.
OKX Ventures will buy a 19.6% stake in Coinone, one of South Korea’s five licensed crypto exchanges. The OKX Coinone investment gives the global exchange group a direct position in a major local trading platform after regulatory approval is secured.
According to the report, Coinone has entered into strategic equity contracts with OKX Ventures, Korea Investment & Securities, Com2uS, and its affiliate. The announcement confirmed earlier reports by local media. It also provided a description of proposed ownership.
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OKX Investment Adds to South Korea Crypto Push
OKX Ventures and Korea Investment & Securities will invest 80 billion Korean won each. That equals about $53 million for each firm. Both will receive a 19.6% Coinone stake after closing.
The OKX Coinone investment will make both firms joint third-largest shareholders after the transaction closes. Coinone CEO Cha Myung-hun will remain the largest shareholder with 27.8%. Com2uS Holdings and its affiliate will be in possession of 25%.
The OKX Coinone investment will consist of secondary purchases of shares and new shares. Some shares will be purchased from Cha and Com2uS. Other shares will come from newly issued stock, the release said.
The OKX Coinone investment is another global crypto move into South Korea. Binance previously made an investment in the market by acquiring Gopax. The new agreement is another development in the foreign interest in licensed Korean exchanges.
Netero Dai, the vice president of OKX Global Markets, said that South Korea is an advanced market for digital assets. He noted its regulatory framework is respected worldwide. He stated that OKX supports regulatory-compliant and well-regulated infrastructure.
OKX Coinone Investment Highlights User Protection Plans
OKX Ventures aims to exchange insights on user protection, security, and risk management with Coinone. Korea Investment & Securities will look for cooperation in the fields of security tokens and stablecoins. The firm provided that practice to tie up with recent regulatory changes.
The OKX Coinone investment is coming at a time when South Korean financial groups are ramping up crypto exposure. Three Samsung subsidiaries said Thursday they will invest $408 million in Dunamu. The deal gives them a combined 4% stake.
Dunamu is the operator of the country’s biggest crypto exchange Upbit. Samsung Securities, Samsung SDS, and Samsung Card are the Samsung buyers. Their purchase adds another major financial name to the sector.
Mirae Asset also announced a major crypto exchange deal in February. The group stated that it would purchase 92% of Korbit’s shares. It runs over 1,000 trillion won in assets.
Other institutions are trying out blockchain payment systems. KB Kookmin, Shinhan, NHN KCP, and others are collaborating with Solana and Avalanche. Their projects are based on tokenized deposits and stablecoins to be used in the future payment system.
The investment project Coinone of OKX still requires regulatory approvals to be completed. The release did not give a closing date or planned final approval schedule. Upon completion, it will alter the shareholder structure of Coinone and broaden OKX’s presence in South Korea.
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