OKX Ventures, the investment arm of crypto exchange OKX, will invest 80 billion won ($53 million) for a 19.6% stake in South Korean cryptocurrency exchange Coinone, the companies announced Friday, marking one of the largest recent investments by a global crypto firm into Korea’s digital asset sector.
Korea Investment & Securities (KIS), one of South Korea’s largest brokerages, will make an identical investment and also hold a 19.6% stake upon completion of the transaction, which remains subject to regulatory approval.
The combined 160 billion-won deal will be structured through a mix of secondary share purchases from existing shareholders and subscriptions for newly issued shares, 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 hold 25%, while OKX Ventures and KIS will become joint third-largest shareholders.
The deal formalizes discussions first reported by Yonhap earlier this month, which said OKX and KIS were considering acquiring roughly 20% stakes in Coinone.