OKX confirms investment of $53 million to acquire 20% stake in Coinone cryptocurrency exchange

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

OKX Ventures and KIS will each invest 800 billion KRW ($53 million). Upon completion of the investments and receipt of regulatory approval, the two companies will each hold a 19.6% stake in the exchange. Together, they will become the third-largest shareholder of the Korean exchange, behind Coinone CEO Cha Myung-hoon (27.8%) and Com2uS Holdings and its affiliates (25%).

The announcement stated that the investment will be made through a combination of purchasing secondary market shares from Cha and Com2uS, as well as subscribing for newly issued shares. (The Block)