Korbit, South Korea’s first local crypto exchange founded in 2013, now has a new home and is a traditional financial giant.
The exchange announced on Thursday that it is now part of the Mirae Asset Group family, which reportedly had an AUM of $1 trillion in May.
The acquiring entity is Mirae Asset Consulting, a subsidiary of Mirae Asset Group, which acquired the shares of Korbit through mandatory regulatory reporting procedures, becoming the largest shareholder. The announcement clarified that there are no changes to Korbit Co., Ltd., the corporation that operates Korbit.
The subsidiary also looks after the group’s hotel and golf businesses and now reportedly owns a 97.15% stake in Korbit.
For users of the exchange, the acquisition by the Mirae subsidiary does not represent any immediate interruption. The exchange said that all services such as login, trading, deposits and withdrawals will continue without interruption. User deposits and virtual assets will continue to be kept separate from company assets in accordance with South Korea’s Virtual Asset User Protection Law. The processing of personal data is also unchanged and does not require any action on the part of users.
