Mirae Asset is preparing to acquire Korbit: how the won-to-dollar exchange rate determines the scale of the deal

Seoul-based financial giant Mirae Asset is analyzing the possibility of entering the cryptocurrency business through the acquisition of the local exchange Korbit. The scale of this initiative highlights how increasing interest from the traditional financial sector in digital assets is becoming. The won-to-dollar exchange rate plays a significant role in valuing the deal: it involves 140 billion Korean won, which is approximately 97 million dollars at the current exchange rate.

Negotiation Details: 92% stake for up to $97 million

The company is negotiating to acquire a 92-percent stake in Korbit. This transaction is Mirae Asset’s first experiment in the cryptocurrency space, although the group has been managing assets, wealth, and investment banking services in the traditional financial sector for over ten years.

Industry representatives confirm that Mirae Asset founder Park Hyun-joo emphasizes the importance of exploring synergies between traditional and digital assets. According to them, such a merger could enable the implementation of an innovative strategy: although Korbit has historically had limited market presence, Mirae Asset’s experience and resources could transform its position.

It is important to note that neither party has issued official comments regarding the negotiations.

Korbit in the cryptocurrency landscape: fourth position among Korean exchanges

Korbit ranks fourth in trading volume among the six platforms registered in South Korea. Its 24-hour trading volume is approximately $11.8 million, significantly behind market leaders. For context: Upbit generates about $1.2 billion daily, Bithumb around $475 million, and Coinone holds third place with $58 million.

This volume discrepancy demonstrates that Korbit needs to strengthen its position in the competitive market. The entry of a powerful financial group could potentially shift this dynamic and allow the platform to expand its influence in the region.

Wave of consolidation in the crypto industry

This acquisition fits into the global trend of mergers and acquisitions in the cryptocurrency sector. Deals of this scale indicate a growing willingness of traditional financial institutions to enter this market and rethink their business models in light of digital transformation.

Won to dollar remains a key factor for market participants when calculating the value of international deals in the cryptocurrency industry, especially when it comes to acquisitions in Asia.