Mirae Asset in talks to buy Korean crypto exchange Korbit for up to $100M

Mirae Asset Group is reportedly in negotiations to acquire Korbit, South Korea’s fourth-largest cryptocurrency exchange, in a deal valued between 100 billion and 140 billion Korean won.

Local media estimates place the potential transaction at roughly $70 million to $100 million, reflecting renewed interest in licensed crypto platforms.

According to reports, the proposed acquisition would be led by Mirae Asset Consulting, a non-financial subsidiary within the wider Mirae Asset conglomerate.

Mirae Asset Consulting has signed a memorandum of understanding with Korbit’s major shareholders as part of the preliminary talks.

Korbit is majority owned by NXC, the holding company behind gaming giant Nexon, which controls approximately 60.5% of the exchange.

SK Planet holds a further 31.5% stake following a 90 billion won investment made in 2021.

Founded in 2013, Korbit was South Korea’s first cryptocurrency exchange and the world’s first Bitcoin-to-Korean won trading platform.

Despite its early-mover advantage, Korbit now accounts for less than 1% of domestic trading volume, according to industry data.

Market figures show Upbit dominating South Korea’s crypto market, recording more than $716 million in daily trading volume over the past 24 hours.

Bithumb ranks second with approximately $298 million in daily volume, highlighting Korbit’s relatively diminished market position.

Analysts suggest Mirae Asset’s use of its consulting arm reflects efforts to comply with South Korea’s 2017 separation of financial firms from crypto businesses.

Mirae Asset Consulting is classified as a non-financial affiliate but reportedly sits at the top of the group’s corporate structure.

The talks follow confirmation last month that Naver Financial plans a stock-swap merger with Dunamu, the operator of market-leading exchange Upbit.

Together, the developments point to growing interest from traditional financial institutions in South Korea’s regulated crypto infrastructure.

Korbit said there is “nothing we can confirm,” a spokesperson told local media.

Representatives for Mirae Asset were not immediately available for comment at the time of reporting.

At the time of reporting, Bitcoin price was $87,711.43.