South Korean financial group Mirae Asset eyes crypto exchange Korbit acquisition: report

Mirae Asset, a Seoul-based financial group, is considering buying South Korean cryptocurrency exchange Korbit, the Korea Times reported on Monday.

The company is in talks to acquire 92% oof Korbit for as much as 140 billion won ($97 million), according to the report, which cited industry officials.

Mirae Asset, which offers asset management, wealth management, investment banking and insurance, is a prominent company in traditional finance (TradFi) in South Korea. The acquisition would be its first involvement in a cryptocurrency-related business.

One unidentified official noted that Mirae founder Park Hyeon-joo has emphasized exploring opportunities in connecting traditional and digital assets, according to the report.

“Korbit has historically had a limited presence, but Mirae Asset Financial Group’s decades of expertise could allow it to pursue a differentiated strategy,” the official added.

The exchange is the fourth-largest in terms of trading volume out of the six incorporated in South Korea, according to CoinGecko. Its 24-hour volume of $11.8 million is dwarfed by Upbit’s $1.2 billion and Bithumb’s $475 million. Coinone sits in third place with volume of $58 million.

Neither Mirae Asset nor Korbit responded to CoinDesk’s request for further comment.

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