Mirae Asset’s Korbit takeover bid signals shake-up in Korea’s crypto market
Headquarters of Mirae Asset Financial Group in Seoul / Courtesy of Mirae Asset Financial Group
The domestic crypto market is poised for a major shake-up this year as Mirae Asset Financial Group, a heavyweight in Korea’s financial investment sector, moves to acquire Korbit, the nation’s oldest cryptocurrency exchange, industry officials said Thursday.
Korea’s cryptocurrency exchange industry is currently dominated by Upbit and Bithumb, followed by Coinone, Korbit and Gopax. Upbit controls about 63 percent to 65 percent of the market, while Bithumb holds about 30 percent to 31 percent, giving the two platforms overwhelming dominance. Coinone’s share stands at around 5 percent, with Korbit and Gopax each accounting for less than 1…
