Korbit currently holds less than 1% of South Korea’s domestic crypto market, far behind giants Upbit and Bithumb. When asked directly about its strategy to compete, Mirae Asset emphasized that the goal is not to outperform any other company or exchange, but to promote the sustainable growth of the digital asset industry in South Korea.
“We intend to combine Mirae Asset’s extensive global investment experience with Korbit’s digital asset capabilities to promote the strong and sustainable growth of the digital asset industry in Korea and around the world.”
In other words, Mirae Asset is not trying to outperform Upbit or Bithumb, but rather to offer a one-stop shop that brings together institutional investment, research, education, and digital asset infrastructure capabilities under one roof.
The group also told CoinDesk that it would strictly comply with AML, KYC and fraud detection standards in all areas, a sign that Digital X is positioning itself for both institutional clients and retail traders.
Mirae Asset Consulting, a subsidiary of Mirae Asset, recently increased its stake in Korbit to 97.15%, completing the acquisition after receiving regulatory approval from the South Korean Fair Trade Commission.
“The acquisition was carried out through legal procedures following a thorough review of the relevant laws and regulatory framework. Mirae Asset Consulting was selected as the acquiring entity after thorough consideration of the business purpose and role of each affiliate, as well as their potential synergies with the digital asset business,” the firm said.
