South Korea’s brokerage industry is making its play for crypto. Kiwoom Securities, one of the country’s most prominent securities firms, is pursuing a stake in Bithumb, the nation’s second-largest cryptocurrency exchange by trading volume.

A crowded race for crypto exchange stakes

Korea Investment & Securities and Hanwha Investment & Securities have both engaged in acquisition discussions worth hundreds of millions of dollars. Their targets include exchanges like Coinone and Dunamu, the company that operates Upbit, South Korea’s largest crypto exchange.

Kiwoom has also been building its digital asset credentials through the Korea Digital Exchange consortium, known as KDX. That group includes the Korea…