A representation of virtual cryptocurrency bitcoin / Korea Times photo by Shim Hyun-chul
Local securities firms are ramping up investments in cryptocurrency exchanges as they seek to secure a foothold in the country's emerging digital asset market ahead of the planned introduction of a tokenized securities framework, industry officials said Friday.
Korea Investment & Securities announced that it has signed a strategic investment agreement with cryptocurrency exchange Coinone, acquring a roughly 20 percent stake in the platform.
The deal will make the brokerage Coinone's third-largest shareholder, following CEO Cha Myung-hoon, who holds a 30.36 percent stake, and Com2uS Holdings with 24.54 percent.
The securities firm said its investment in Coinone is intended not merely as an equity acquisition but as a foundation for expanding into new digital finance businesses.
"With this partnership, we have taken our first step beyond the boundaries of conventional finance toward blockchain-based digital financial services," Korea Investment & Securities CEO Kim Sung-hwan said. "We seek to position ourselves as a leading player in the global digital asset market through innovative tokenized securities products and future stablecoin-linked initiatives."
The previous day, Samsung Securities, Samsung SDS and Samsung Card agreed to acquire a combined 4 percent stake in Dunamu, the operator of Korea's largest cryptocurrency exchange, Upbit.
The companies said they will purchase 1.39 million shares from Kakao affiliates for 612.8 billion won ($407 million).
Samsung Securities also said the investment was aimed at creating new business opportunities in the digital asset sector.
The move follows similar investments by other brokerages.
Source: Korea Times News
