South Korea's oldest crypto exchange is now part of the $1 trillion Mirae Group family
Mirae Asset Consulting has acquired a 97.15% stake in Korbit, one of South Korea's oldest cryptocurrency exchanges. The acquisition marks a growing trend of traditional financial institutions integrating digital asset platforms into their portfolios while maintaining existing service operations for users.
Why it matters
This deal signals the increasing institutionalization of the crypto market, as major financial conglomerates seek to capture market share in the digital asset space.
The exchange announced Thursday that it is now part of the Mirae Asset Group family, which reportedly had an AUM of $1 trillion as of May.
The acquiring entity is Mirae Asset Consulting, an affiliate of Mirae Asset Group, which has acquired Korbit's shares through mandated regulatory reporting procedures, becoming the largest shareholder. The announcement clarified that there are no changes to Korbit Co., Ltd., the corporation that operates Korbit.
The affiliate firm also looks after the group's hotels and golf course businesses and now reportedly holds a 97.15% stake in Korbit.
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