OKX confirmed to invest $53 million to acquire a 20% stake in Coinone, a South Korean crypto exchange

Odaily reported that OKX Ventures, the investment arm of OKX, announced it will acquire a 19.6% stake in Coinone, one of South Korea's five licensed digital asset trading platforms. Coinone has signed a strategic equity investment agreement with OKX Ventures, Korea Investment & Securities (KIS), as well as Com2uS and its affiliates.

OKX Ventures and KIS will each invest 80 billion KRW ($53 million). Upon completion of the investment and receipt of regulatory approval, both companies will each hold a 19.6% stake in the platform. Together, they will become the third-largest shareholders of the South Korean exchange, trailing only Coinone CEO Cha Myung-hoon (27.8%) and Com2uS Holdings and its affiliates (25%).

According to the announcement, the investment will be carried out through a combination of purchasing secondary market shares from Cha and Com2uS, as well as subscribing to newly issued shares. (The Block)