OKX Ventures acquires major Coinone stake

OKX Ventures has agreed to acquire a 19.6% stake in South Korean cryptocurrency exchange Coinone through an investment valued at KRW 80 billion ($53 million).

Korea Investment & Securities will make an identical KRW 80 billion investment, giving both firms equal ownership stakes in Coinone once the transaction receives regulatory approval.

The combined KRW 160 billion ($106 million) deal will be completed through a combination of secondary share purchases from existing shareholders and subscriptions for newly issued shares.

Following the investment, Coinone chief executive Cha Myunghun is expected to remain the company's largest shareholder with a 27.8% stake and retain management control.

Com2uS Holdings and its affiliates will hold approximately 25% of the exchange, while OKX Ventures and Korea Investment & Securities will become joint third-largest shareholders.

The transaction formalises discussions reported earlier this month regarding the potential acquisition of roughly 20% stakes in Coinone by both investors.

The investment represents one of the largest recent commitments by a global cryptocurrency company to South Korea's digital asset sector and highlights continued interest in the country's regulated crypto market.