Mirae Asset Checks Out With Korbit — $91M Later, Korea's Crypto Aisle Has a New Top Shelf 👑

Mirae Asset Consulting, an affiliate of one of South Korea's largest financial groups, has completed its acquisition of a controlling 92.06% stake in domestic crypto exchange Korbit for 133.48 billion won ($91 million), becoming the exchange's largest shareholder after regulatory procedures cleared. The agreement to acquire the stake was announced in February as part of Mirae Asset's push to expand into digital asset businesses.

Korbit disclosed the closing in a Thursday announcement on its website, stating that its operating entity remains unchanged and that trading, deposits and withdrawals will continue without interruption. The exchange also said customer assets remain segregated under South Korea's Virtual Asset User Protection Act.

Korbit is one of South Korea's five won-based crypto exchanges, a group required by local rules to maintain partnerships with banks in order to offer fiat on- and off-ramp services. South Korea remains one of the world's most active retail crypto markets, where exchanges derive much of their revenue from trading fees.

The country's retail-driven trading volumes have come under pressure in recent quarters, however, as some investors have rotated into domestic equities. Mirae Asset's entry adds a heavyweight financial sponsor to an exchange sector that has seen consolidation and renewed institutional interest as regulators formalize oversight of digital asset service providers.

Korbit said the acquisition closed following completion of all required regulatory procedures and that it would continue operating under its existing brand and management structure.