Seoul-based financial group Mirae Asset is considering acquiring South Korean cryptocurrency exchange Korbit, The Korea Times reported on Monday.
The company is in talks to acquire a 92% stake in Korbit for up to 140 billion won ($97 million), the report said, citing industry officials.
Mirae Asset is a well-known company in South Korea’s traditional finance (TradFi) field, providing asset management, wealth management, investment banking and insurance services. The acquisition will be its first foray into cryptocurrency-related business.
An unnamed official reportedly noted that Mirae founder Park Hyeon-joo emphasized exploring opportunities to connect traditional and digital assets.
“Korbit has historically had limited reach, but Mirae Asset Financial Group’s decades of expertise allow it to pursue a differentiation strategy,” the official added.
According to CoinGecko, the exchange ranks fourth out of six exchanges in South Korea in terms of trading volume. Its 24-hour trading volume is $11.8 million, dwarfed by Upbit’s $1.2 billion and Bithumb’s $475 million. Coinone ranks third with a trading volume of $58 million.
Neither Mirae Asset nor Korbit responded to CoinDesk’s requests for further comment.
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