The acquisition signals deepening ties between South Korea's traditional finance sector and its cryptocurrency industry, as regulatory attitudes gradually soften. Korbit, launched in 2013 as the country's first cryptocurrency exchange, has been absorbed into Mirae Asset Group, a financial conglomerate managing roughly $1 trillion in assets. This marks the first instance of a traditional Korean financial group's affiliate securing a controlling stake in a domestic crypto exchange, a threshold that could encourage other institutions to follow. Korbit has long trailed larger competitors such as Upbit and Bithumb in trading volume, and backing from a major financial player may bolster its competitive position and credibility. The move reflects broader momentum in South Korea, where institutional involvement in digital assets is expanding amid evolving oversight and growing mainstream acceptance of cryptocurrency trading.
— Sponsored —
Trade smarter on BYDFI
Get a bonus on your first deposit — from $50 at $100, up to $2,000 at $20k. 200x leverage, 600+ perpetuals, deep liquidity.