OKX said it will take a 20% stake in South Korean crypto exchange Coinone.
The Intercontinental Exchange (ISA)-backed crypto exchange and Korea Investment Holdings, a major brokerage firm, each weigh about 20% of the shares in Coinone, Yonhap News reported.
In the year Founded in 2014, Coinone is a centralized crypto exchange operating out of Seoul serving mainly South Korean users. It supports transactions across a range of digital assets while offering services including fiat deposits, crypto wallets and account security protection.
The proposed structure is expected to focus on newly issued shares rather than transfer of existing holdings.
Market observers also pointed out that the participation of the Korean Securities Company may be financial rather than aimed at direct management participation.
KIS has denied reaching any definitive agreement regarding its stake in the crypto exchange.
If approved, OKX will become the second international exchange to take a significant ownership position in the South Korean crypto platform, following Binance's previous acquisition of Gopax.
Disclosure: This article was edited by Vivian Nguyen. See our Editorial Policy for more information on how we create and review content.
