OKX Ventures, the investment arm of cryptocurrency exchange OKX, will invest KRW 80 billion ($53 million) for a 19.6% stake in South Korean cryptocurrency exchange Coinone, the companies announced on Friday, marking one of the largest recent investments by a global crypto company in Korea’s digital asset sector.
Korea Investment & Securities (KIS), one of South Korea’s largest brokerages, will make an identical investment of KRW 80 billion and will also hold a 19.6% stake upon completion of the transaction, which remains subject to regulatory approval.
The combined KRW 160 billion ($106 million) deal will be structured through a combination of secondary share purchases from existing shareholders and newly issued share subscriptions, according to a company statement.
Following the investment, Coinone CEO Cha Myunghun is expected to remain the exchange’s largest shareholder with a 27.8% stake and retain management control. Com2uS Holdings and its affiliates will own 25%, while OKX Ventures and KIS will become the joint third largest shareholder.
The deal formalizes discussions first reported by Yonhap earlier this month, which said OKX and KIS were considering acquiring roughly 20% stakes in Coinone.
