OKX, one of the world's largest cryptocurrency exchanges by trading volume, is in talks with Korea Investment and Securities to jointly acquire approximately 40% of Coinone, one of South Korea's leading crypto trading venues, according to a report from Yonhap News citing industry sources.
Market Context
South Korea represents one of the most mature regulated crypto markets globally, home to exchanges including Upbit, Bithumb and CoinW. The country has been advancing its Digital Asset Basic Act framework, creating a more structured operating environment for digital asset platforms. This development comes as traditional financial institutions increasingly seek exposure to the crypto sector through strategic partnerships and acquisitions.
Analysis
The proposed stake purchase would mark OKX's entry into the South Korean market, following Binance's acquisition of Seoul-based Gopax, which was completed last year after initially acquiring a majority stake over two years prior. The involvement of Korea Investment and Securities aligns with a broader trend of traditional financial companies exploring crypto business opportunities—Mirae Asset has similarly been eyeing an entry through its potential acquisition of exchange Korbit.
OKX, originally founded in China in 2013 and now headquartered in San Jose, California, would be taking the stake through newly issued shares rather than purchasing existing shares from current holders. This structure allows Coinone to raise capital while potentially avoiding immediate dilution concerns for existing shareholders. The combined 40% stake—split approximately 20% between each party—would give the consortium significant influence over one of Korea's largest crypto platforms.
Key Numbers
- ~40%: Combined stake OKX and Korea Investment and Securities are discussing acquiring in Coinone
- ~20%: Individual ownership percentage reportedly under discussion for each firm
- 4 major exchanges: South Korea's crypto market is dominated by Upbit, Bithumb, CoinW and Coinone
- $670 million: Recent valuation reference from Hana Bank's stake purchase in Dunamu (Upbit operator)
What to Watch
Market participants should monitor for official confirmation from OKX, Korea Investment and Securities or Coinone. The transaction structure—new shares versus secondary sales—will indicate whether existing Coinone shareholders face dilution. Regulatory approval from Korean financial authorities will be required given the Digital Asset Basic Act framework. Additionally, watch for similar TradFi-to-crypto deal activity as other traditional financial institutions evaluate market entry strategies.
None of the firms involved immediately responded to CoinDesk's requests for comment on the reported negotiations.