Korbit, South Korea’s first local crypto exchange, founded in 2013, now has a new home and is a traditional financial behemoth.
The exchange announced on Thursday that it is now part of the Mirae Asset Group family, which is said to have assets under management of $1 trillion as of May.
The acquiring entity is Mirae Asset Consulting, a subsidiary of Mirae Asset Group, which acquired Korbit’s shares through mandatory regulatory reporting procedures, becoming the largest shareholder. The announcement clarifies that there are no changes to Korbit Co., Ltd., the company that operates Korbit.
The subsidiary company also handles the group’s hotel and golf operations and now reportedly holds a 97.15% stake in Korbit.
For users of the exchange, the acquisition by the subsidiary Mirae does not cause any immediate disruption. The exchange said all services, such as login, trading, deposits and withdrawals, will continue without interruption. User deposits and virtual assets will continue to be held separately from company assets, in accordance with South Korea’s Virtual Asset User Protection Act. The processing of personal data also remains unchanged and does not require any action from users.
