OKX Ventures, the investment arm of the global crypto exchange OKX, announced today that it will purchase a 19.6% stake in Coinone, one of South Korea's five licensed digital asset trading platforms.
According to the press release, Coinone signed strategic equity investment agreements with OKX Ventures, Korea Investment & Securities (KIS), and Com2uS and its affiliated company. Today's announcement confirms earlier local media reports of the investment.
OKX Ventures and KIS will each invest 80 billion Korean won ($53 million), giving each a 19.6% stake in the company upcon completion of the investments and receipt of regulatory approvals.
The two are set to jointly become the third-largest shareholders of the South Korean exchange, following Coinone CEO Cha Myung-hun (27.8%) and Com2uS Holdings and affiliated company (25%).
The investment will be made via a combination of secondary share purchases from Cha and Com2uS, as well as subscription of newly issued shares, the release said.
OKX's investment in Coinone marks the latest move by a global crypto firm to secure a foothold in South Korea, following Binance’s acquisition of Gopax.
"South Korea is one of the world's most sophisticated digital asset markets, and its regulatory framework is highly respected globally," said Netero Dai, vice president of OKX Global Markets. "We believe that the future of finance will be built on compliant, well-regulated infrastructure, and our investment in Coinone with Korea Investment & Securities reflects that conviction."
OKX Ventures and Coinone plan to exchange insights on user protection, security, and risk management, the firms said. Meanwhile, KIS said it will pursue collaborations on security tokens and stablecoins, in light of the recent regulatory developments in South Korea.
This news aligns with a recent flurry of major investments from prominent South Korean financial institutions into the crypto sector.
On Thursday, three Samsung subsidiaries announced they will invest $408 million in Upbit parent company Dunamu to acquire a combined 4% stake. Mirae Asset, a local financial services conglomerate with over 1,000 trillion won ($665 billion) in assets under management, announced in February that it would buy a 92% stake in the Korbit crypto exchange.
KB Kookmin, Shinhan, NHN KCP, and other major financial institutions have also formed partnerships with global blockchain platforms such as Solana and Avalanche to run proof-of-concepts for upcoming payment systems featuring tokenized deposits and stablecoins.
This aggressive push by South Korea's largest financial players takes place as local regulators develop the Digital Asset Basic Act — a comprehensive regulatory framework for crypto. However, the legislation has faced significant delays, leaving its enactment timeline uncertain.
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