South Korea's Mirae Asset has completed its takeover of South Korean cryptocurrency exchange Korbit after securing regulatory approval, paving the way to raise its ownership stake to more than 97%. The company is now rebranding Korbit as Digital X as part of its broader vision to build an "intelligent investment platform" that integrates real-world assets, security tokens, stablecoins, traditional assets, and digital assets in a single ecosystem. According to Herald Business, Mirae Asset Group founder and Global Strategy Officer Park Hyeon-joo informed employees in an internal email on July 23 that Korbit had officially joined the group and would begin operating under the new name, Digital X. The rebranding represents X as an uncharted future and the limitless possibilities created when different forms of value intersect and converge, as the firm told CoinDesk in an email. Park described the rebranding as part of the group's "Mirae Asset 3.0" strategy, under which Digital X will combine traditional financial services with digital asset businesses.
South Korea's Mirae Asset has completed its takeover of South Korean cryptocurrency exchange Korbit after securing regulatory approval, paving the way to raise its ownership stake to more than 97%. According to Yonhap News, Mirae Asset Consulting, a subsidiary of Mirae Asset Group, has become the exchange's largest shareholder after completing the required regulatory reporting process for its acquisition of a controlling stake. The acquisition involves 1,589,859 shares valued at approximately KRW 141.4 billion (about $96.1 million), with Mirae Asset Consulting already acquiring 92.06% of the shares on July 22 and plans to purchase the remaining 5.42% on July 24. Once the purchase is completed, Mirae Asset's ownership will increase from 92.06% to 97.15%, with the additional transaction scheduled to close on July 24. The acquisition amount increased from approximately KRW 133.5 billion (about $90.7 million) to KRW 141.4 billion (about $96.1 million) after some existing shareholders expressed their intention to sell their holdings. This marks the first time a traditional Korean financial group has taken a controlling interest in a domestic cryptocurrency exchange, as reported by multiple sources.
Korbit has issued its first official statement confirming that the ownership change will not affect its day-to-day operations. The exchange stated, "Mirae Asset Group, which we are newly joining, is a leading South Korean financial group that has built trust over a long period in the traditional finance sector and is pursuing a global investment platform encompassing both traditional and digital assets." The company added, "We will prepare for a new leap forward together with Mirae Asset Group." The exchange confirmed that the corporate entity Korbit Co., Ltd., which operates the exchange, will remain unchanged, allowing customers to continue using login, trading, deposits, and withdrawals without interruption. Korbit explicitly stated that users will experience no perceptible changes to their services. The user asset protection framework will also continue to operate without change, with Korbit advising that "User deposits and virtual assets are securely stored and managed separately from company assets in accordance with the Act on the Protection of Virtual Asset Users," adding that "Nothing changes as a result of the change in our largest shareholder." Mirae Asset has emphasized its commitment to strict compliance with AML, KYC, and fraud-detection standards across all areas, positioning Digital X for institutional clients as much as for retail traders.
The company plans to build products around real-world asset tokenization, security token offerings, stablecoins and investment products that connect traditional and digital assets. According to Herald Business, Park said Digital X would serve as a core business unit supporting that strategy as digital assets become more integrated with mainstream finance. He instructed employees to treat compliance as a non-negotiable standard by maintaining strict controls across anti-money laundering, know-your-customer verification, information security and fraud detection systems. Park also said the company should closely follow regulatory requirements as South Korea continues refining its Virtual Asset User Protection Act and prepares rules for security token offerings. He urged Digital X to become a model for implementing financial regulators' guidance during the country's evolving digital asset regulatory framework. Park further linked the exchange's future operations to Mirae Asset's long-standing management philosophy, saying customer wealth creation should remain the foundation for every business decision, adding that products lacking sufficient value should not be introduced under the Mirae Asset brand.
The acquisition signals accelerating institutional integration of crypto into South Korea's regulated financial system, with Mirae Asset's strategic approach focusing on investor education, research, strict compliance standards and institutional-grade infrastructure rather than direct competition with dominant exchanges like Upbit and Bithumb. According to CoinDesk, Mirae Asset isn't trying to outdo these giants but to offer a one-stop shop that brings together institutional investment capabilities, research, education, and digital asset infrastructure under one roof. Korbit currently holds less than 1% of South Korea's domestic crypto market, far behind giants Upbit and Bithumb. When asked directly about its strategy to compete, Mirae Asset stressed that the goal is not to overtake any other company or exchange, but to promote sustainable growth of the digital asset industry in South Korea and globally. The company doesn't have any plans to snap up remaining shares and wants to focus solely on strengthening Digital X's competitiveness, as reported by CoinDesk. CoinGecko data showed Korbit processed roughly $4.3 million in spot trading volume over a recent 24-hour period, placing it among the country's leading exchanges behind market leader Upbit.
Earlier this month, South Korea's Fair Trade Commission approved the acquisition, describing it as the country's first case of an affiliate of a traditional financial group acquiring a cryptocurrency exchange, according to the Korea Herald. The Korea Fair Trade Commission approved the business combination on July 9, determining that Korbit's domestic virtual asset trading market share is limited and that the acquisition is unlikely to restrict market entry or business activities of competitors. Accordingly, it concluded that concerns about competition restriction were low and issued its approval. Mirae Asset Consulting has previously said the acquisition is intended to secure future growth opportunities built around digital assets. With the transaction now completed, one of South Korea's largest financial groups has formally entered the country's regulated cryptocurrency exchange sector as traditional financial institutions continue increasing investments in digital assets. The company emphasized that the acquisition was carried out through lawful procedures following a thorough review of relevant laws and regulatory framework, with Mirae Asset Consulting selected as the acquiring entity after comprehensive consideration of each affiliate's business purpose and role, as well as its potential synergies with the digital asset business.
Before the ownership change, Korbit had already been expanding its blockchain partnerships. In November 2024, the exchange partnered with Coinbase to integrate Base, Coinbase's Ethereum layer-2 network, allowing users to deposit Ether on Ethereum and withdraw it through Base, or complete the process in reverse. Coinbase said it would support Korbit through promotional campaigns, community events and initiatives tied to the Base ecosystem, with the companies planning to cooperate on developing on-chain technology in South Korea and expanding support for Base network functions. The acquisition reflects a broader trend across Asia, with similar moves by SBI Group, the Japanese financial conglomerate, which agreed to acquire the Tokyo-based crypto exchange Bitbank for $289 million and purchase a majority stake in the Singapore-based Coinhako. Industry observers expect Mirae Asset Group to aggressively expand new businesses such as tokenized assets and digital asset-based financial products, leveraging synergies with its existing financial affiliates in securities and asset management. The acquisition comes as the combined average daily trading volume on the country's five largest exchanges fell from $2.82 billion in July 2025 to $305 million in July 2026, with individual platform volumes declining by about 77%.
