OKX Ventures, the investment division of the cryptocurrency exchange OKX, along with Korea Investment & Securities (KIS), is set to invest a total of KRW 160 billion (approximately $106 million) in South Korean cryptocurrency exchange Coinone. This investment will see both firms acquiring a 19.6% stake in Coinone, marking a significant entry by a global crypto entity into South Korea’s digital asset market.
The investment from OKX Ventures and KIS will each amount to KRW 80 billion ($53 million). The deal involves a combination of secondary share purchases from existing shareholders and subscriptions for newly issued shares, pending regulatory approval.
Following the completion of this investment, Coinone’s CEO, Cha Myunghun, is expected to maintain his position as the largest shareholder with a 27.8% stake. Com2uS Holdings and its affiliates will hold 25%, while OKX Ventures and KIS will emerge as joint third-largest shareholders.
This move formalizes earlier discussions reported by Yonhap, which indicated that both OKX and KIS were exploring the possibility of acquiring approximately 20% stakes in Coinone.
The investment comes at a time when the cryptocurrency market is witnessing a surge in interest, particularly in stablecoins and tokenized securities, areas where Coinone aims to expand its operations.
OKX Ventures and Korea Investment & Securities are investing a combined $106 million in Coinone, acquiring significant stakes as the exchange seeks to expand into stablecoins and tokenized securities. This investment underscores the growing interest in South Korea's digital asset sector.