Korean securities firms are actively acquiring stakes in cryptocurrency exchanges, with discussions between Bithumb and Kiwoom Securities bringing all five major Korean won-based exchanges into equity relationships with securities firms or overseas crypto exchanges. Coinone recently secured 160 billion won in investment from Korea Investment Securities and OKX Ventures, with each firm investing 80 billion won for approximately 20% stakes, valuing Coinone at 4,000 billion won. The shift follows the institutionalization of the crypto asset market and the global expansion of on-chain infrastructure, resolving previous valuation disagreements between traditional finance and crypto platforms.
Stake discussions between securities firms and exchanges are not new. Securities firms and overseas exchanges have previously explored equity acquisitions with domestic exchanges holding Korean won markets, but many deals collapsed due to valuation differences. The atmosphere changed as crypto asset market institutionalization became visible, with the global spread of on-chain trends and blockchain's utility as 24-hour trading infrastructure prompting securities firms to realign their valuations.
Coinone Secures 160 Billion Won Investment from Korea Investment Securities and OKX Ventures
According to the crypto asset industry on the 8th, Coinone recently attracted total investment of 160 billion won from Korea Investment Securities and OKX Ventures. Approximately 55 billion won of this came through new share issuance. The structure involves each firm investing 80 billion won to secure approximately 20% stakes, with simple reverse calculation placing Coinone's enterprise value at 4,000 billion won.
One crypto asset industry source evaluated Coinone's stake investment as "Coinone's overwhelming victory, gaining both traditional finance's trust and global crypto technology while defending management rights."
Beyond Coinone, Dunamu recently built equity relationships with domestic financial and IT companies including Naver Financial, Hana Financial Group, Hanwha Investment Securities, and Samsung Securities. Samsung Securities, Samsung Card, and Samsung SDS spent 612.8 billion won to secure 4% of Dunamu's shares. Korbit was acquired by Mirae Asset Consulting, a Mirae Asset Group affiliate, while Gopax operator Streami was acquired by Binance.
Securities Firms Target Blockchain Infrastructure and VASP Licenses Through Exchange Stakes
While securities firms' motivations for securing exchange stakes vary, industry attention converges on one point: the flow of assets onto blockchain is already irreversible, making this a question of method and speed rather than entry decision. One crypto exchange official stated, "The judgment that the market is transforming is already finished," adding, "Now it's not about whether to do it but how to do it that matters."
Overseas, exchanges like Coinbase and Kraken are expanding into securities products, while payment companies like PayPal are broadening into digital assets, dissolving industry boundaries. In this paradigm shift, exchange stakes solve multiple challenges simultaneously. They represent the only channel to secure Korean won market Virtual Asset Service Provider (VASP) licenses in a domestic environment where new entry is effectively blocked.
This also secures blockchain infrastructure operation know-how accumulated over nearly 10 years and investor bases most responsive to tokenized assets. The effect of preempting contact points for future security token (ST) brokerage is significant.
Past experiences of ceding market share to fintech also accelerate these moves. While Toss and Kakao Pay penetrated remittance and payment markets with convenience, traditional financial firms fell behind in platform competition, belatedly recognizing that platforms where individual investors stay became competitive advantages. Crisis awareness about not repeating the same mistake in digital asset markets underlies this strategic alignment.
Another industry source noted, "In the process of all financial firms building 'super apps' trading various assets in one place, blockchain infrastructure has become essential rather than optional," adding, "When the security token market opens, the place where investors who will move first are gathered is ultimately exchanges."
FAQ
What investment did Coinone receive from Korea Investment Securities and OKX Ventures?
Coinone recently secured 160 billion won in total investment from Korea Investment Securities and OKX Ventures, with each firm investing 80 billion won for approximately 20% stakes. Approximately 55 billion won came through new share issuance, and simple reverse calculation places Coinone's enterprise value at 4,000 billion won.
Why are Korean securities firms acquiring stakes in cryptocurrency exchanges?
Securities firms view exchange stakes as solving multiple challenges simultaneously in a domestic environment where new entry is effectively blocked. Exchange stakes provide the only channel to secure Korean won market VASP licenses, blockchain infrastructure operation know-how accumulated over nearly 10 years, and investor bases most responsive to tokenized assets, while preempting contact points for future security token brokerage.
