FocusAI, the largest shareholder of Busan Digital Asset Exchange, is in talks to acquire Korean crypto exchange Flybit

Odaily Planet Daily News FocusAI, the largest shareholder of Busan Digital Asset Exchange, is pushing forward with the acquisition of Korean cryptocurrency exchange Flybit. Both parties are in final-stage discussions regarding details such as the transfer of shares held by Flybit's largest shareholder and representative director, Kim Seok-jin.

Flybit registered as a virtual asset service provider in 2021 but has exited the Korean won market after failing to establish a real-name account partnership with banks. FocusAI plans to use this acquisition to build a composite digital asset platform that manages cryptocurrencies, real-world assets, and tokenized securities. The transaction still requires a review of the change in the largest shareholder by the Financial Intelligence Analysis Institute.(bizwatch)