OKX has confirmed an investment of $53 million to acquire a 20% stake in the Coinone cryptocurrency exchange
Odaily 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 Korean won ($53 million). Upon completion of the investment and receipt of regulatory approval, the two companies will each hold a 19.6% stake in the firm. Together, they will become the third-largest shareholder of the Korean exchange, trailing only Coinone CEO Cha Myung-hoon (27.8%) and Com2uS Holdings and its affiliates (25%).
According to the announcement, this 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)
