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 emphasized that the goal is not to overtake another company or exchange, but to promote sustainable growth of South Korea’s digital assets sector.
“We intend to combine Mirae Asset’s extensive global investment expertise with Korbit’s digital asset capabilities to promote the healthy and sustainable growth of the digital asset industry in Korea and around the world.
In other words, Mirae Asset is not trying to outperform Upbit or Bithumb, but to offer a one-stop shop that brings together institutional investment capabilities, research, education and digital asset infrastructure under one roof.
The group also told CoinDesk that it will strictly comply with AML, KYC and fraud detection standards across the board, a sign that Digital X is positioned for both institutional clients and retail traders.
Mirae Asset Consulting, a subsidiary of Mirae Asset, recently increased its stake in Korbit to 97.15%, finalizing the acquisition after receiving regulatory approval from South Korea’s Fair Trade Commission.
“The acquisition was carried out following legal procedures after a thorough review of the relevant laws and regulatory framework. Mirae Asset Consulting was selected as the acquiring entity after a thorough review of the purpose and business role of each subsidiary, as well as its potential synergies with the digital assets sector,” the company said.
